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 transcribedimage text in transcribedimage 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. Credit Debit 300,000 a. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 230,000 70,000 b. 160,000 Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 128,000 32,000 c. 44,500 20,000 82,000 Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 59,900 56,600 30,000 d. 137,000 Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 77,000 60,000 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? How many shares of common stock are outstanding at year-end? What is the total paid-in capital at year-end? Number of outstanding shares Total paid-in capital IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 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? Book Value per Common Share Choose Denominator: Choose Numerator: - Book Value per Common Share Book Valla 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

Understanding And Conducting Information Systems Auditing

Authors: Arif Ahmed, Veena Hingarh

1st Edition

1118343743, 978-1118343746

More Books

Students also viewed these Accounting questions