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Quick Fix-IL rporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitar area. The charter issued by the state authorized the following stock: Common stock, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. o. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. Prepare the stockholders' equity mediale of the

Quick Fix-IL rporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitar area. The charter issued by the state authorized the following stock: Common stock, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. o. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. Prepare the stockholders' equity mediale of the

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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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, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. b. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. 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: Preferred stock Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Additional paid-in capital, common stock Additional paid-in capital, common stock Total contributed capital and retained earnings Total stockholders' equity $ $ $ 0 0 0
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, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. b. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. 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: Preferred stock Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Additional paid-in capital, common stock Additional paid-in capital, common stock Total contributed capital and retained earnings Total stockholders' equity $ $ $ 0 0 0
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