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

image text in transcribed

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 290,000 Common Stock, $25 Par Value Paid-In Capital in Excesss of Par Value, Common Stock 245,000 45,000 Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock . 200,000 126,000 74,000 Cash 43,500 17,500 81,600 Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,900 52,700 30,000 d. Cash 128,000 Common Stock, $25 Par Value 76,000 Paid-In Capital in Excess of Par Value, Common Stoek 52,000 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 $795,000? Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 4 Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 4 How many shares of common stock are outstanding at year-end? What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital Ren 2 and 3 Req 4 > Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 4 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 Valueper Common Share Choose Numerator: Choose Denominator: Book Value per Common Share Book value per common share / Req 2 and 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions