Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kinkald 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
Kinkald 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 a. Cash 300,000 Common Stock, 525 Par Value 250.000 Paid In Capital in Excess of Par Value, Connon Stock 50,000 Organization Expenses 150,000 Common Stock, 525 Par Value 125,000 Paid in Capital in Excess of Par Value, Common Stock 25,000 Cash 45.00 Accounts Receivable 15.000 Building 51,500 Notes Payable 59,500 Common Stock, 525 Par Value 50,000 Paid In Capital in Excess of Par Valve, Common Stock 30,000 Cash 120,000 Con Stock, $25 Par Value 75,000 Pald-In Capital in excess of Par Value. Connon Stock 45,000 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 pald-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

Water Audits And Loss Control Programs Manual Of Water Supply Practices M36

Authors: AWWA Staff

3rd Edition

1583216316, 978-1583216316

More Books

Students also viewed these Accounting questions