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Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The follow- ing journal entries impacted its stockholders' equity during its first year of operations. 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 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

Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The follow- ing journal entries impacted its stockholders' equity during its first year of operations. 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 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Explain the transaction(s) underlying each journal entry (a) through (d).
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?
4. What is the book value per share of the common stock at year-end if total paid-in capital plus retained
earnings equals $695,000? 

Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The follow- ing journal entries impacted its stockholders' equity during its first year of operations. 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 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
Transcribed Image Text:Kinkaid Co. was incorporated at the beginning of this year and had a number of transactions. The follow- ing journal entries impacted its stockholders' equity during its first year of operations. 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 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
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