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Quick Fix-It Corporation was organized at the beginning of this year to operate several car...

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Accounting

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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, $15 par value, 98,400 shares authorized Preferred stock, $46 par value, 8 percent, 60,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,600 shares of common stock at $30 cash per share. b. Sold 21,400 shares of preferred stock at $74 cash per share. c. Bought 4,200 shares of common stock from a current stockholder for $11 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $31,600. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Total contributed capital $ 0 Cash Total contributed capital and retained earnings $ 0 Total stockholders' equity $ 0

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