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 a. b. C. d. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 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 Debit 300,000 230,000 170,000 180,000 43,500 17,500 82,700 Credit 125,000 125,000 55,000 59,600 54,100 30,000 79,000 46,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
a.
b.
C.
d.
General Journal
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Organization Expenses
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Accounts Receivable
Building
Notes Payable
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
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
Debit
300,000
180,000
43,500
17,500
82,700
125,000
Credit
230,000
70,000
125,000
55,000
59,600
54,100
30,000
79,000
46,000
Transcribed Image Text:-ed -ok nt ences 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 a. b. C. d. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 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 Debit 300,000 180,000 43,500 17,500 82,700 125,000 Credit 230,000 70,000 125,000 55,000 59,600 54,100 30,000 79,000 46,000
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