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 its first year of operations. General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock 50,000 b. Organization Expenses 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock 25,000 c. Cash 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end?
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 its first year of operations. General Journal Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock 50,000 b. Organization Expenses 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock 25,000 c. Cash 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 4. What is the total paid-in capital at year-end?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter12: Statement Of Stockholders’ Equity (stockeq)
Section: Chapter Questions
Problem 1R: Chen Corporation began 2012 with the following stockholders equity balances: The following selected...
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Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following
General Journal | Debit | Credit | |
a. | Cash | 300,000 | |
Common Stock, $25 Par Value | 250,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 50,000 | ||
b. | Organization Expenses | 150,000 | |
Common Stock, $25 Par Value | 125,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 25,000 | ||
c. | Cash | 43,000 | |
15,000 | |||
Building | 81,500 | ||
Notes Payable | 59,500 | ||
Common Stock, $25 Par Value | 50,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 30,000 | ||
d. | Cash | 120,000 | |
Common Stock, $25 Par Value | 75,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 45,000 | ||
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the amount of minimum 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
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