Hardev Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitanarea. The charter issued by the state authorized the following stock:Common stock, $15 par value, 99,800 shares authorizedPreferred stock, $41 par value, 8 percent, 60,500 shares authorizedDuring January and February of this year, the following stock transactions were completed:a. Sold 79,100 shares of common stock at $30 cash per share.b. Sold 20,800 shares of preferred stock at $71 cash per share.c. Repurchased 5,900 shares of common stock for $27 cash per share.Required:Net income for the year was $90,400; cash dividends declared and paid at year-end were $31,200. Prepare the stockholders' equitysection of the balance sheet at the end of the year.Note: Amounts to be deducted should be indicated with a minus sign.Stockholders' equity:Contributed capital:QUICK FIX-IT CORPORATIONBalance Sheet (Partial)At December 31Common stockPreferred stockAdditional paid-in capital, preferred stockAdditional paid-in capital, common stockTotal contributed capitalRetained earningsTreasury stockTotal stockholders' equity$059,200(159,300)$ (100,100)

Step 1: Compute for the Common StockThe corporation issued 79,100 shares of common stock with a par…

Answered: Quick Fix-It Corporation was organized…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 3PB: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par...

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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, $20 par value, 98,100 shares authorized Preferred stock, $47 par value, 8 percent, 60,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $40 cash per share. b. Sold 20,000 shares of preferred stock at $77 cash per share. c. Repurchased 4,900 shares of common stock for $24 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $30,900. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31
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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, $19 par value, 98,300 shares authorized Preferred stock, $45 par value, 8 percent, 60,400 shares authorized During January and February of this year, the following stock transactions were completed: Sold 78,800 shares of common stock at $38 cash per share. Sold 20,100 shares of preferred stock at $75 cash per share. Repurchased 4,000 shares of common stock for $20 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $30,200. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 Stockholders’ equity: Contributed capital:…
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