Question

The following information pertains to Ming Corp. at January 1, 2018: Common stock, $12 par, 47,000 shares authorized, 3,300 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $39,600 89,700 89,700 Ming Corp. completed the following transactions during 2018: 1. Issued 2500 shares of $12 par common stock for $17 per share. 2. Repurchased 1,200 shares of its own common stock for $20 per sha 3. Resold 720 shares of treasury stock at $22 per share. 4. Earned $56,400 of cash revenues. 5. Paid $40,350 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 $ 0 Total stockholders' equity $ 0

Answer 1

MING CORPORATION
Balance Sheet (Partial)
As of December 31, 2018
Stockholders equity
Contributed capital
Common stock - $12 par, 47,000 shares Authorized, 5,800 shares issued and 5,320 shares outstanding	$    69,600
Paid in capital in excess of par value, common stock ($89,700 + (2,500*$5)	$ 102,200
Paid in capital in excess of par value, Treasury stock (720*$2)	$      1,440
Total paid in capital		$ 173,240
Retained earnings ($89,700+$56,400-$40,350)		$ 105,750
Less: Treasury stock (480*$20)		$    (9,600)
Total stockholders equity		$ 269,390

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