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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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, $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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