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  3. quick fix-it corporation was organized at the begi

Quick Fix-It Corporation was organized at the beginning of this year to operate several car...

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Accounting

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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, $17 par value, 99,100 shares authorized Preferred stock, $42 par value, 8 percent, 60,200 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $34 cash per share b. Sold 20,300 shares of preferred stock at S67 cash per share. c. Bought 4,300 shares of common stock from a current stockholder for $14 cash per share. Required: Net income for the year was $91,600; cash dividends declared and paid at year-end were $31,000. 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.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed Capital: Total contributed capital Total contributed capital and retained eamings Total stockholders' equity

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