Kinkaid co is incorporated at the beginning of this year, Ask an Expert

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 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	200,000
	Common Stock, $25 Par Value		129,000
	Paid-In Capital in Excess of Par Value, Common Stock		71,000

c.	Cash	46,000
	Accounts Receivable	18,500
	Building	82,200
	Notes Payable		59,700
	Common Stock, $25 Par Value		57,000
	Paid-In Capital in Excess of Par Value, Common Stock		30,000

d.	Cash	145,000
	Common Stock, $25 Par Value		77,000
	Paid-In Capital in Excess of Par Value, Common Stock		68,000

Required:
2.

How many shares of common stock are outstanding at year-end?
Numbers of outstanding shares:

3.

What is the amount of minimum legal capital (based on par value) at year-end?

Minimum legal capital:

What is the total paid-in capital at year-end?

Total paid in capital:
5.

What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $786,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9799169

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