Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kinkold 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 transcribed
image text in transcribed
Kinkold 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 a. Credit Debit 270,000 General Journal Cash Connon Stock, $25 Par Value Paid In Capital in Excess of Par Value, Common Stock Organization Expenses Connon Stock, $25 Par Value Paldin Capital in Excess of Par Value, Conson Stock 245,00 25,000 b. 170,000 130.000 40.000 Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paldin Capital in excess of Par Value. Connon Stock 46,000 17.500 81,700 59,600 55,600 30,000 4. 125,000 Cash Common Stock, 525 Par Value Paid In Capital in Excess of Par Value, Connon Stock 77.000 48.000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total poid-in capital at year-end? 2 3 Number of outstanding shares Total paid in capital Saved 6 a. 4.0 C 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 General Journal Debit Credit Cash 270,000 Connon stock, $25 Par Value 245, eee Pald-in capital in excess of par value, Common Stock 25,000 b Organization Expenses 170.000 Connon Stock, $25 Par Value 130,000 Vaid-in Capital in Excess of Par Value, Common Stock 40.000 Cash 40.000 Accounts Receivable 17.500 Building 01.780 Notes Payable Common stock, 525 Par Value 59,600 Paid in Capital in Excess of Par Value, Condoo Stock 55,600 30,000 Cash 125,000 Connon Stock. 125 Par Value Pald.in capital in exces of var value. Common Stock 77,000 48.000 Required: 2. How many states of common stock are outstanding at year end? 3. What is the total paid in capitulot year ond? d 2 Number of outstanding

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

Management Accounting International

Authors: Anthony A. Atkinson, Robert S. Kaplan, S. Mark Young

4th Edition

0131230263, 978-0131230262

More Books

Students also viewed these Accounting questions

Question

=+7. What is the big message you want them to know? (THINK SLOGAN.)

Answered: 1 week ago