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, $20 par value, 99,600 shares authorized
Preferred stock, $41 par value, 8 percent, 60,000 shares authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 78,500 shares of common stock at $40 cash per share.
b. Sold 20,300 shares of preferred stock at $60 cash per share.
c. Bought 5,300 shares of common stock from a current stockholder for $13 cash per share.
Required:
Net income for the year was $90,100; cash dividends declared and paid at year-end were $31,900. 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.)
QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed Capital: Total contributed capital es Total contributed capital and retained earnings Total stockholders' equity
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