Quick Fx-It Corporation was organized at the beginning of this year to operate s

Question

Quick Fx-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropcltan area. The charter issued by the state authorzed the tollowing stock Common stock, $17 par value, 99,400 shares authorized Preferred stock, $40 par value, 8 percent, 59,100 shares authorized During January and February of this year, the tollowing stock transactions were completed a. Sold 79,900 shares of common stock at 534 cash per share b. Sold 20,100 shares of preferred stock at $63 cash per shane C. Bought 4.300 shares of common stock from a current stockholder for $22 cash per share Required: Net income for the year was $90,100, cash dividends declared and paid at year-end were $31,500. Prepare the stockholders' equity section of the balance sheel at the end of the year. (Amounts to be deducted should be indicated with a mi QUICK FIX IT CORPORATION Balance Sheet (Partial) At December 31, This Contributed Capital Total contributad capital Total contributed capital and rstained eanings Total stockholders' equity eBook & Resources

Explanation / Answer

Shareholder's equity section :

Shareholder's equity Contributed Capital Common stock 99400 authorised, $17 par value, 79900 share issued and 75600 share outstanding 1358300 Paid in capital in excess of par value-common stock 1358300 8% Preferred stock 59100 shares authorised, $40 par value, 20100 share issued and outstanding 804000 Paid in capital in excess of par value-preferred stock 462300 Total contributed capital 3982900 Retained earnings (90100-31500) 58600 Total contributed capital and retained earnings 4041500 Less: Treasury stock (4300*22) (94600) Total shareholder's equity 3946900

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