Problem 13 1A Stockholders equity transactions and analysis LO C2, P1
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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 | ||
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| Required: 2. |
| How many shares of common stock are outstanding at year end? Numbers of outstanding shares: 3.
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