Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribedimage text in transcribed

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 290,000 General Journal Credit Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 235,000 55,0ee b. Organization Expenses 180,000 Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 128,ee0 52,00e c. Cash Accounts Receivable Building 44,500 15,5ee 83,000 Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,8 53,200 30,000 d. Cash 138,000 Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 76,000 62,000 Req 2 to 4Req 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. Number of outstanding shares 3. Minimum legal capital 4. Total paid-in capital Req 2 to 4Req 5 What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $795,000? Book Value per Common Share Choose Numerator: Choose Denominator: Book Value per Common Share Book value per common share

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0470534788, 978-0470534786

More Books

Students also viewed these Accounting questions

Question

Over what timescale should the project be undertaken?

Answered: 1 week ago