I need help finishing Quick Fix-it Corporation was organized in January 2014 to

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I need help finishing

Quick Fix-it Corporation was organized in January 2014 to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following capital stock: Common stock, $15 par value, 99,700 shares Preferred stock, $45 par value, 8 percent, 59,900 shares During January and February 2014, the following stock transactions were completed: Sold 78,800 shares of common stock at $30 per share and collected cash. Sold 21,500 shares of preferred stock at $73 per share; collected the cash and immediately issued the stock. Bought 5,200 shares of common stock from a current stockholder for $27 per share. Required: Net income for 2014 was $91, 200; cash dividends declared and paid at year-end were $30,400. Prepare the stockholders' equity section of the balance sheet at December 31, 2014. (Amounts to be deducted should be indicated with a minus sign.)

Explanation / Answer

Quick Fix-It Corporation Balance Sheet (Partial) At Dec 31, 2014 Shareholders' equity Contributed Capital: Preferred Stock (21500 Shares @ $45)              967,500 Capital in excess of par, preferred stock (21500 Shares X $28)              602,000 Common Stock (78800 Shares @ $15)          1,182,000 Capital in excess of par, common stock (78800 Shares X $15)          1,182,000 Total Contributed Capital          3,933,500 Retained Earnings                60,800 Total Contributed Capital & retained earnings          3,994,300 Treasury Stock - 5200 Shares X $27           (140,400) Total Stockholders' equity       3,853,900

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