Chrome File Edit View History Bookmarks People Window Help jack Chapter 11-Conne

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Chrome File Edit View History Bookmarks People Window Help jack Chapter 11-Connect C O ezto.mheducation.com/hm.tpx Quick Fux-lt 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 stabe authorized the folowing stock Common stock, $17 par value, 98,300 shares authorized Preferred stock, $47 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were complebed: a. Sold 79,500 shares of common stock at $34 cash per b. Sold 20,400 shares of preferred stock at $63 cash per share C. Bought 5,600 shares of common stock from a current stockholder for $11 cash per share. Required: Net income for the year was $90.400, cash dividends declared and paid at year-end were $31,000. Prepare the stockholders of the balance sheet at the end of the year. (Amounts to be deducted should be i equity section indicated with a minus sign.) Balance Sheet (Partial) At 31, This year Contributed Capital: Total contributed capital Total contributed capital and retained earnings Total stockholders' equity /X

Explanation / Answer

STOCKHOLDER EQUITY SECTION Amount Contributed Capital: 79,500 Shares of common stock , $ 17 Par Value $    13,51,500.0 20,400 , 8% Preferred stock tock, $ 47 of Par Value $      9,58,800.0 Addittional Paid in Capital : Excess on par value of common stock(79,500 X $17) $    13,51,500.0 Excess on par value of preferred stock(20,400 X $ 16) $      3,26,400.0 Retained Earning ( $ 90,400 - $ 31,000) $          59,400.0 Less: Treasurry Stock (5,600 X $ 11) $            -61,600 Total Stockholder's Equity $       39,86,000

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