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# 37. Midtown, Inc. had the following transactions in 2018, its first year of operations: Issued 38.000 shares of common stock. Stock has par value of $1.00 per share and was issued at $23.00 per share. Earned net income of $80,000. Paid no dividends. At the end of 2018, what is total stockholders' equity? multiple choice 0 A. $38,000 O B. $80,000 O c. $954,000 O D. $874,000

# 37. Midtown, Inc. had the following transactions in 2018, its first year of operations: Issued 38.000 shares of common stock. Stock has par value of $1.00 per share and was issued at $23.00 per share. Earned net income of $80,000. Paid no dividends. At the end of 2018, what is total stockholders' equity? multiple choice 0 A. $38,000 O B. $80,000 O c. $954,000 O D. $874,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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# 37. Midtown, Inc. had the following transactions in 2018, its first year of operations: Issued 38.000 shares of common stock. Stock has par value of $1.00 per share and was issued at $23.00 per share. Earned net income of $80,000. Paid no dividends. At the end of 2018, what is total stockholders' equity? multiple choice 0 A. $38,000 O B. $80,000 O c. $954,000 O D. $874,000
Transcribed Image Text:# 37. Midtown, Inc. had the following transactions in 2018, its first year of operations: Issued 38.000 shares of common stock. Stock has par value of $1.00 per share and was issued at $23.00 per share. Earned net income of $80,000. Paid no dividends. At the end of 2018, what is total stockholders' equity? multiple choice 0 A. $38,000 O B. $80,000 O c. $954,000 O D. $874,000
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