Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropoinon area. The charter issued by the state authorized the following stock Common stock, $16 par value, 98,500 shares authorized Preferred stock, $43 par value, 8 percent, 60,900 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $32 cash per share. b. Sold 20,600 shares of preferred stock at $76 cash per share. c. Bought 6,000 shares of common stock from a current stockholder for $10 cash per share Required: Net income for the year was $90,100; cash dividends declared and paid at year-end were $31,100. 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.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders equity Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained oarnings Treasury stock %24 Total stockholders' oquity
Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropoinon area. The charter issued by the state authorized the following stock Common stock, $16 par value, 98,500 shares authorized Preferred stock, $43 par value, 8 percent, 60,900 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $32 cash per share. b. Sold 20,600 shares of preferred stock at $76 cash per share. c. Bought 6,000 shares of common stock from a current stockholder for $10 cash per share Required: Net income for the year was $90,100; cash dividends declared and paid at year-end were $31,100. 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.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders equity Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained oarnings Treasury stock %24 Total stockholders' oquity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropolitan
area. The charter issued by the state authorized the following stock
Common stock, $16 par value, 98,500 shares authorized
Preferred stock, $43 par value, 8 percent, 60,900 shares authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 79,300 shares of common stock at $32 cash per share.
b. Sold 20,600 shares of preferred stock at $76 cash per share.
c. Bought 6,000 shares of common stock from a current stockholder for $10 cash per share.
Required:
Net income for the year was $90,100; cash dividends declared and paid at year-end were $31,100. 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.)
QUICK FIX-IT CORPORATION
Balance Sheet (Partial)
At December 31, This year
Stockholders' equity:
Contributed capital:
Common stock
Preferred stock
Additional paid-in capital, common stock
Additional paid-in capital, preferred stock
Total contributed capital
Retained earnings
Total contributed capital and retained earnings
Treasury stock
Total stockholders' equity
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