Question kinkaid co is incorporated at the starting of this

Assignment Help Financial Accounting

Reference no: EM13349205

Question :

Kinkaid Co. is incorporated at the starting of this year and engages in a number of transactions. The given 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 245,000

Paid-In Capital in Excess of Par Value, Common Stock 55,000

b. Organization Expenses 200,000

Common Stock, $25 Par Value 126,000

Paid-In Capital in Excess of Par Value, Common Stock 74,000

c. Cash 45,500

Accounts Receivable 20,000

Building 82,800

Notes Payable 59,500

Common Stock, $25 Par Value 58,800

Paid-In Capital in Excess of Par Value, Common Stock 30,000

d. Cash 138,000

Common Stock, $25 Par Value 79,000

Paid-In Capital in Excess of Par Value, Common Stock 59,000

2. How many shares of ordinary 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 overall paid-in capital at year-end?

5. What is the book value per share of the common stock at year-end if net paid-in capital plus retained earnings equals $784,000?

Reference no: EM13349205

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