Quick Fix-It Corporation was organized at the beginning of this year to operate several car...
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Accounting
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, 99,800 shares authorized
Preferred stock, $45 par value, 8 percent, 60,700 shares authorized
During January and February of this year, the following stock transactions were completed: a. Sold 79,200 shares of common stock at $38 cash per share.
b. Sold 20,900 shares of preferred stock at $73 cash per share.
c. Bought 4,200 shares of common stock from a current stockholder for $17 cash per share.
Required:
Net income for the year was $91,300; 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. (Amounts to be deducted should be indicated with a minus sign.)
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