Question
Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during
Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations.
General JournalDebitCredita.Cash300,000Common Stock, $25 Par Value245,000Paid-In Capital in Excess of Par Value, Common Stock55,000b.Organization Expenses170,000Common Stock, $25 Par Value127,000Paid-In Capital in Excess of Par Value, Common Stock43,000c.Cash45,000Accounts Receivable19,000Building82,200Notes Payable59,800Common Stock, $25 Par Value56,400Paid-In Capital in Excess of Par Value, Common Stock30,000d.Cash130,000Common Stock, $25 Par Value79,000Paid-In Capital in Excess of Par Value, Common Stock51,000
Required:
2.How many shares of common stock are outstanding at year-end?
3.What is the total paid-in capital at year-end?
4.What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $785,000?
Next
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