Kinkaid Co. is incorporated at the beginning of this year and engages in a number...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders equity during the first year of operation. a Cash Common stock, $25 par value Paid-in capital in excess of par value, common stock 300,000 250,000 50,000 b Organizational Expense Common stock, $25 par value Paid-in-capital in excess of par value, common stock 150,000 125,000 25,000 c Cash Accounts Receivable Building Notes Payable Common stock, $25 par value Paid-in-capital in excess of par value, common stock 43,000 15,000 81,500 59,500 50,000 30,000 d Cash Common stock, $25 par value Paid-in-capital in excess of par value, common stock 120,000 75,000 45,000 Required
1. Explain the transaction(s) underlying each journal entry (a) through (d).
2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimal legal capital (based on par value) at year-end?
4. What is the total paid-in capital at year end?
5. What is the book value per share of the common stock at year-end if total paid-in-capital plus retained earnings equals $695,000?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
