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et income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholder quity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 $ 2,560,000

et income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholder quity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 $ 2,560,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 2,560,000
Transcribed Image Text:Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 2,560,000
Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $10 par value, 98,000 shares authorized Preferred stock, $50 par value, 8 percent, 59,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,000 shares of common stock at $20 cash per share. b. Sold 20,000 shares of preferred stock at $80 cash per share. c. Bought 4,000 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)
Transcribed Image Text:Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $10 par value, 98,000 shares authorized Preferred stock, $50 par value, 8 percent, 59,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,000 shares of common stock at $20 cash per share. b. Sold 20,000 shares of preferred stock at $80 cash per share. c. Bought 4,000 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)
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