Business, 18.12.2019 06:31 shelbymelton18
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, $10 par value, 98,000 shares authorized
preferred stock, $50 par value, 8 percent, 59,000 shares authorized
during january and february of this year, the following stock transactions were completed:
sold 78,000 shares of common stock at $20 cash per share.
sold 20,000 shares of preferred stock at $80 cash per share.
bought 4,000 shares of common stock from a current stockholder for $20 cash per share.
required:
net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000.
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.)
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Quick fix-it corporation was organized at the beginning of this year to operate several car repair b...
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