Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders' equity during

Kinkaid Company 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. Transaction General Journal Cash Debit 300,000 Credit Common Stock, $25 Par Value 235,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 65,000 200,000 Common Stock, $25 Par Value 128,000 Paid-In Capital in Excess of Par Value, Common Stock 72,000 Cash 43,000 Accounts Receivable 17,500 Building 82,800 Notes Payable 59,000 Common Stock, $25 Par Value 53,500 Paid-In Capital in Excess of Par Value, Common Stock 30,000 Cash 123,000 Common Stock, $25 Par Value 77,000 Paid-In Capital in Excess of Par Value, Common Stock 46,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 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

More Books

Students also viewed these Accounting questions