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, $11 par value, 99,100 shares authorized Preferred stock, $47 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,400 shares of common stock at $22 cash per share. b. Sold 21,500 shares of preferred stock at $63 cash per share. c. Repurchased 4,300 shares of common stock for $22 cash per share. Required: Net income for the year was $91,700; cash dividends declared and paid at year-end were $31,700. 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 Preferred stock Common stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total stockholders' equity $ 0 $ 0
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, $11 par value, 99,100 shares authorized Preferred stock, $47 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,400 shares of common stock at $22 cash per share. b. Sold 21,500 shares of preferred stock at $63 cash per share. c. Repurchased 4,300 shares of common stock for $22 cash per share. Required: Net income for the year was $91,700; cash dividends declared and paid at year-end were $31,700. 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 Preferred stock Common stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total stockholders' equity $ 0 $ 0
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 year to operate several car repair
businesses in a large metropolitan area. The charter issued by the state authorized the following
stock:
Common stock, $11 par value, 99,100 shares authorized
Preferred stock, $47 par value, 8 percent, 60,000 shares authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 79,400 shares of common stock at $22 cash per share.
b. Sold 21,500 shares of preferred stock at $63 cash per share.
c. Repurchased 4,300 shares of common stock for $22 cash per share.
Required:
Net income for the year was $91,700; cash dividends declared and paid at year-end were
$31,700. 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
Preferred stock
Common stock
Additional paid-in capital, common stock
Additional paid-in capital, preferred stock
Total contributed capital
Retained earnings
Total stockholders' equity
$
0
$
0
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