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 a. Cash Debit 280,000 Credit Common Stock, $25 Par Value 250,000 b. Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 30,000 200,000 Common Stock, $25 Par Value 129,000 Paid-In Capital in Excess of Par Value, Common Stock 71,000 C. Cash 43,500 Accounts Receivable 15,000 Building 82,000 Notes Payable 59,900 Common Stock, $25 Par Value 50,600 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 123,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 48,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
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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
a.
Cash
Debit
280,000
Credit
Common Stock, $25 Par Value
250,000
b.
Paid-In Capital in Excess of Par Value, Common Stock
Organization Expenses
30,000
200,000
Common Stock, $25 Par Value
129,000
Paid-In Capital in Excess of Par Value, Common Stock
71,000
C.
Cash
43,500
Accounts Receivable
15,000
Building
82,000
Notes Payable
59,900
Common Stock, $25 Par Value
50,600
Paid-In Capital in Excess of Par Value, Common Stock
30,000
d.
Cash
123,000
Common Stock, $25 Par Value
75,000
Paid-In Capital in Excess of Par Value, Common Stock
48,000
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?
2. Number of outstanding shares
3. Total paid-in capital
Transcribed Image Text: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 a. Cash Debit 280,000 Credit Common Stock, $25 Par Value 250,000 b. Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses 30,000 200,000 Common Stock, $25 Par Value 129,000 Paid-In Capital in Excess of Par Value, Common Stock 71,000 C. Cash 43,500 Accounts Receivable 15,000 Building 82,000 Notes Payable 59,900 Common Stock, $25 Par Value 50,600 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 123,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 48,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 2. Number of outstanding shares 3. Total paid-in capital
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