Answered step by step
Verified Expert Solution
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
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. Credit Debit 300,000 a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 235,000 65,000 180,000 b. Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 127,000 53,000 C. 44,500 17,500 82,400 Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,600 54,800 30,000 d. 136,000 Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 78,000 58,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? Number of outstanding 2. shares 3. Total paid-in capital
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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