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 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.
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, $19 par value, 98,300 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
Note: Amounts to be deducted should be indicated with a minus sign.
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