**Kinkaid Company: First Year Journal Entries**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 | 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 | 150,000 | || | Common Stock, $25 Par Value | | 125,000 || | Paid-In Capital in Excess of Par Value, Common Stock | | 25,000 || c. | 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 |**Required:**2. How many shares of common stock are outstanding at year-end?3. What is the total paid-in capital at year-end?**Solutions:**| 2. Number of outstanding shares | 20,000 || 3. Total paid-in capital | $650,000 |**Explanation:**To find the number of outstanding shares, sum the common stock transactions:- **Transaction a:** $250,000 / $25 = 10,000 shares- **Transaction b:** $125,000 / $25 = 5,000 shares- **Transaction c:** $50,000 / $25 = 2,000 shares- **Transaction d:** $75,000 / $25 = 3,000 shares- **Total:** 10,000 + 5,000 + 2,000 + 3,000 = 20,000 sharesTo find the total

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Description: **Kinkaid Company: First Year Journal Entries**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:| Tra

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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 Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 50,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 C. 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 30,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 d. 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

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 Debit Credit a. Cash 300,000 Common Stock, $25 Par Value 250,000 50,000 Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses b. 150,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 25,000 C. 43,000 Accounts Receivable 15,000 Building 81,500 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 30,000 Paid-In Capital in Excess of Par Value, Common Stock Cash 120,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 d. 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

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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