Kinkaid Co. was incorporated at the beginning of this year and had a number of...
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Accounting
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
a.
Cash
300,000
Common Stock, $25 Par Value
235,000
Paid-In Capital in Excess of Par Value, Common Stock
65,000
b.
Organization Expenses
190,000
Common Stock, $25 Par Value
129,000
Paid-In Capital in Excess of Par Value, Common Stock
61,000
c.
Cash
46,000
Accounts Receivable
18,500
Building
82,900
Notes Payable
59,700
Common Stock, $25 Par Value
57,700
Paid-In Capital in Excess of Par Value, Common Stock
30,000
d.
Cash
146,000
Common Stock, $25 Par Value
80,000
Paid-In Capital in Excess of Par Value, Common Stock
66,000
Required:2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 4. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $798,000?
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