shares of common stock are outstanding at year-end

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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Kinkaid Company 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.
 

Transaction General Journal Debit Credit
a. Cash 300,000  
  Common Stock, $25 Par Value   225,000
  Paid-In Capital in Excess of Par Value, Common Stock   75,000
b. Organization Expenses 170,000  
  Common Stock, $25 Par Value   125,000
  Paid-In Capital in Excess of Par Value, Common Stock   45,000
c. Cash 46,000  
  Accounts Receivable 19,500  
  Building 82,700  
  Notes Payable   59,500
  Common Stock, $25 Par Value   58,700
  Paid-In Capital in Excess of Par Value, Common Stock   30,000
d. Cash 121,000  
  Common Stock, $25 Par Value   78,000
  Paid-In Capital in Excess of Par Value, Common Stock   43,000

 
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?

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