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

image text in transcribed
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 Debit Credit Cash 280,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 Organization Expenses 190,000 Common Stock, $25 Par Value 129,000 Paid-In Capital in excess of par Value, Common Stock 61,000 Cash 44,000 Accounts Receivable 15,500 Building 82,300 Notes Payable 59,800 Common Stock, $25 Par Value 52,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 Cash 142,000 Common Stock, $25 Par Value 79,000 Paid-In Capital in Excess of Par Value, Common Stock 63,000 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

Auditing

Authors: Timothy J. Ph.D. Robertson, Jack C.; Louwers

9th Edition

0072906952, 9780072906950

More Books

Students also viewed these Accounting questions