E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick...
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E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 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, \$12 par value, 99,500 shares authortzed Preferred stock, \$44 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $24 cash per share. b. Sold 21,000 shares of preferred stock at $60 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net income for the year was $91,100; cash dividends declared and pald at yearend were $30,700. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indlcated with a minus sign
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