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, 99,500 shares authorized Preferred stock, $46 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $38 cash per share. b. Sold 20,100 shares of preferred stock at $72 cash per share. c. Bought 4,300 shares of common stock from a current stockholder for $22 cash per share. Required: Net income for the year was $91,300; cash dividends declared and paid at year-end were $30,800. 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 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, 99,500 shares authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 79,300 shares of common stock at $38 cash per share.
b. Sold 20,100 shares of preferred stock at $72 cash per share.
c. Bought 4,300 shares of common stock from a current stockholder for $22 cash per share.
Required:
Net income for the year was $91,300; cash dividends declared and paid at year-end were $30,800. Prepare the
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