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, $16 par value, 99,400 shares authorized Preferred stock, $49 par value, 8 percent, 60,400 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $32 cash per share. b. Sold 21,800 shares of preferred stock at $70 cash per share. c. Bought 4,100 shares of common stock from a current stockholder for $21 cash per share.
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, $16 par value, 99,400 shares authorized Preferred stock, $49 par value, 8 percent, 60,400 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $32 cash per share. b. Sold 21,800 shares of preferred stock at $70 cash per share. c. Bought 4,100 shares of common stock from a current stockholder for $21 cash per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer and show working thanks
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, $16 par value, 99,400 shares authorized
Preferred stock, $49 par value, 8 percent, 60,400 shares authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 78,700 shares of common stock at $32 cash per share.
b. Sold 21,800 shares of preferred stock at $70 cash per share.
c. Bought 4,100 shares of common stock from a current stockholder for $21 cash per share.
Transcribed Image Text:Required:
Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,200. 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
Preferred stock
Additional paid-in capital, preferred
Total contributed capital
Retained earnings
Total contributed capital and retained earnings
Treasury stock
Total stockholders' equity
0
0
$
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education