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 |
|
|
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:
4.
|
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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