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. Canh 280,000 Common Stock, $25 Par Value 245,000 Paid-In Capital in Excess of Par Value, Common Stock 35,000 b. Organization Expenses 150,000 Common Stock, $25 Par Value 126.000 Paid-In Capital in Excess of Par value, Common Stock 24,000 Cash 46,000 Accounts Receivable 16,500 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 54,500 Paid-in Capital in Excess of Par Value, Conmon Stock 30,000 d. 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 pald-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_2

Step: 3

blur-text-image_3

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

Modern Auditing

Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton

7th Edition

047118909X, 978-0471189091

More Books

Students also viewed these Accounting questions