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.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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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, $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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26c2535f-acf2-4160-adfa-4155a6e1a28a%2F25c107be-6509-4ace-b723-bd2510a79f96%2F1f8c0vg_processed.png&w=3840&q=75)
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.
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26c2535f-acf2-4160-adfa-4155a6e1a28a%2F25c107be-6509-4ace-b723-bd2510a79f96%2Ffxuiqrs_processed.png&w=3840&q=75)
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
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