Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 Journal Debit Credit Cash 300,000 Common Stock, $25 Par Value 235,000 Paid-In Capital in Excess of Par Value, Common Stock 65,000 b. Organisation Expenses 200,000 Common Stock, $25 Par Value 126,000 Paid-In Capital in Excess of Par Value, Common Stock 74,000 Cash 44,000 Accounts Receivable 19,500 Building 82,000 Notes Payable 59,600 Common Stock, $25 Par Value 55.900 Paid-In Capital in Excess of Par Value, Common Stock 30.000 d Cash 131,000 Connon Stock, $25 Par Value 80,000 Paid-In Capital in Excess of Par Value, Common Stock 51,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid.in capital ot year-end? 2 Number of outstanding shares 3. Total paid in capital

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

Business Analysis With Microsoft Excel

Authors: Conrad Carlberg

3rd Edition

0789736640, 9780789736642

More Books

Students also viewed these Accounting questions

Question

Explain the experimental method as used by clinical psychologists.

Answered: 1 week ago