r 11 Problems Help Save & Exit Submit Check my work Kinkaid Co. is incorporated

Question

r 11 Problems Help Save & Exit Submit Check my work 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 a. Caalh 300,000 Conmon Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 235,000 65,000 b. Organization Expenses Conmon Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Comeon Stock 128,000 42,000 c Cash Accounta Receivable Building 45,000 17,500 82,600 Notes Payable eoaren stock, $25 Par Value Paid-In Capital in Exceas of Par Value, Common Stock 59,700 55,400 30,000 d. Cash 125,000 Comon Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common statk 76,000 49,000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the amount of minimum legal capital (based on par value) at year-end? 1 of 13 Nayt

Explanation / Answer

2) Number of outstanding shares issued in (a) 9,400 issued in (b) 5,120 issued in © 2,216 issued in (d) 3,040 total 19,776 answer 3) minimum legal capital = outstanding shares*par value per share 19,776*25 494400 answer 4) total paid in capital from common stockholders from transaction (a) 300,000 From transaction (b) 170,000 From transaction © 85,400 from transaction (d) 125,000 total paid in capital. 680,400 answer 5)                        Book value per common share choose numerator / Choose denominator = book value per CS total stocholders outstanding shares equity 788,000 / 19,776 = 39.85

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