Keshena Co is incorporated at the beginning of this year with 50,000 common shares authorize....
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Accounting
Keshena Co is incorporated at the beginning of this year with 50,000 common shares authorize. During its first year Keshena engaged in several common stock transactions. The following journal entries impacted its shareholders equity during its first year of operations.
General Journal
Cash 290,000
Common Stock, $25 Par 235,000
Paid-In Capital in Excess of Par 55,000
b. Organizational Expenses 190,000
Common Stock, $25 Par 125,000
Paid-In Capital in Excess of Par 65,000
c. Cash 45,000
Accounts Receivable 16,500
Building 82,800
Notes Payable 59,600
Common Stock, $25 Par 54,700
Paid-In Capital in Excess of Par 30,000
d. Cash 123,000
Common Stock, $25 Par 78,000
Paid-In Capital in Excess of Par 45,000
Required:
How many shares of common stock are outstanding at year end?
What is the dollar amount of common stock at year end?
What is the total Contributed Capital at year-end?
If the journal entry to record the purchase of 100 shares of treasury stock was:
Treasury Stock 3500
Cash 3500
How will this transaction impact the number of shares Authorized? The number
of shares Issued? The number of shares Outstanding?
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