The following information pertains to Ming Corp. at January 1, 2018: Common stock, $10 par, 50,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 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
Expert Answer:
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Winona Company began 2016 with 10,000 shares of $10 par common stock and 2,000 shares of 9.4%, $100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company...
-
What is the normality of a solution that contains 15g of Ca ( OH ) 2 dissolved in 850mL ?
-
A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by...
-
Prepare an adjusted trial balance on May 31. Wildhorse's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Account Number 101 126 130 140 141...
-
Nitrogen gas at 60 kPa and 7oC enters an adiabatic diffuser steadily with a velocity of 275 m/s and leaves at 85 kPa and 27C. Determine (a) The exit velocity of the nitrogen and (b) The ratio of the...
-
A coin has probability p = 0.37 of heads. What is the probability of the sequence HHTHTHHHTTTHHHHTTHTHTHHT?
-
Consider the following cash flow profile and assume MARR is 10 percent/year. a. Determine the IRR(s) for this project. b. Is this project economically attractive? EOY 0 1 2 3 4 5 6 NCF -$101 $411...
-
Woodruff Manufacturing produces a subassembly used in the production of jet aircraft-engines. The assembly is sold to engine manufacturers and aircraft maintenance facilities. Projected sales for the...
-
Part E Constants A rigid, uniform, horizontal bar of mass m and length is supported by two identical massless strings. (Figure 1)Both strings are vertical. String A is attached at a distance d < L/2...
-
Sandra?s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Required: 1. Calculate ending inventory and cost of goods sold at October 31,...
-
Options have fixed expiry dates, in the past, the 3rd Friday of each month. For example, on April, 1st 2020 you have options expiring in around 17 days (3rd Friday of April, called the front-month...
-
ABC Inc. recently issued $1,000 par bonds at a 8.40% coupon rate. The bonds have 18 years to maturity and the current price is $1,099. If the call price is $1,150 and the bond can be called in 12...
-
Advertising Assignment Pick a global product / brand that is marketed in the United States and discuss how it is advertised the same way or differently in a country of your choice (country and...
-
How does the Global Citizenship Education (GCED) benefited the society in resolving environmental issues? a)One environmental issue to focus on. b) What is infographics with 2 examples and how it'd...
-
what are the risk management strategy for construction of modular home. create the project risk management strategy and recommendation for project board to address the risk associated with modular...
-
On April 24, 2012, Rebecca purchased a government-guaranteed short-term investment maturing on July 5, 2012. How much did Rebecca pay for the investment if she will receive $6000 on the maturity date...
-
Explain the process of gathering information for safety performance measurement. (10) Illustrate and describe the PDCA cycle and risk management elements to monitoring and measuring a safety...
-
CRUZ, INC. Comparative Balance Sheets December 31, 2015 CRUZ, INC. Income Statement For Year Ended December 31, 2015 Required Use the indirect method to prepare the cash provided or used from...
-
Revenue is usually recognized at the point of sale. Under special circumstances, how-ever, bases other than the point of sale are used for the timing of revenue recognition. Required: a. Why is the...
-
Briefly describe the deemed cost exemption to retrospective application at first-time adoption of IFRS.
-
Steve Madison needs $250,000 in 10 years. How much must he invest at the end of each year, at 11% interest, to meet his needs?
-
Do you believe that fraud in the United States is more or less prevalent than fraud in countries outside the United States? Why?
-
How would a fraudster conceal missing cash, especially amounts of this magnitude?
-
Why is it difficult to convict organized crime leaders?
Study smarter with the SolutionInn App