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, 99,500 shares authorized
Preferred stock, $49 par value, 8 percent, 60,000 shares
authorized
During January and February of this year, the following stock transactions were completed:
a. Sold 78,800 shares of common stock at $30 cash per share.
b. Sold 20,400 shares of preferred stock at $75 cash per share.
c. Bought 4,600 shares of common stock from a current stockholder for $22 cash per share.
Required:
Net income for the year was $91,500; cash dividends declared and paid at year-end were $32,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)
Homework Answers
ANSWER:
| Stockholder's Equity :- | Amount($) | Amount($) |
| Contribution Capital :- | ||
| Common Stock (78,800 *$15) | 1182000 | |
| Preferred Stock (20,400 *$49) | 999600 | |
| Additional Paid in Capital - Common Stock (78,800*$15) | 1182000 | |
| Additional Paid in Capital - Preferred Stock (20400*$26) | 530400 | |
| Total Contributed Capital | 3894000 | 3894000 |
| Retained Earnings ($91500-$32000) | 59500 | |
| Total Contribution Capital and Retained Earnings | 3953500 | |
| Treasury Stock (4600*$22) | (101200) | |
| Total Stockholder's Equity | 3852300 |
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