Transcribed: Ming Corp. completed the following transactions during 2018: Issued 2,000 shares of $10 par...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Transcribed:
Ming Corp. completed the following transactions during 2018:
Issued 2,000 shares of $10 par common stock for $16 per share.
Repurchased 500 shares of its own common stock for $18 per share.
Resold 120 shares of treasury stock for $20 per share.
Earned $85,000 of cash revenue.
Paid $42,000 of cash operating expenses.
Required
Prepare the stockholders equity section of the year-end balance sheet.
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,000 12,000 46,000 Ming Corp. completed the following transactions during 2018: 1. Issued 2,000 shares of $10 par common stock for $16 per share. 2. Repurchased 500 shares of its own common stock for $18 per share. 3. Resold 120 shares of treasury stock for $20 per share. 4. Earned $85,000 of cash revenue. 5. Paid $42,000 of cash operating expenses Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial) As of December 31, 2018 Stockholders' Equity Total paid-in capital Total stockholders' equity
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
