Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations. Debit 300,000 Credit a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 230,000 70,000 b. 160,000 Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 126,000 34,000 44,000 16,000 82,600 Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,700 52,900 30,000 d. 124,000 Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 77,000 47,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end? 5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $798,000? Complete this question by entering your answers in the tabs below. Req 2 to 4 Req 5 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end? 5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $798,000? Complete this question by entering your answers in the tabs below. Reg 2 to 4 Req 5 How many shares of common stock are outstanding at year-end? What is the amount of minimum legal capital (based on par value) at year-end? What is the total paid-in capital at year-end? 2 3. Number of outstanding shares Minimum legal capital Total paid-in capital 4. Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end? 5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $798,000? Complete this question by entering your answers in the tabs below. Reg 2 to 4 Req 5 What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $798,000? Book Value per Common Share Choose Denominator: Choose Numerator: Book Value per Common Share Book value per common share = =
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started