Question

Kinkaid Co. 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. General Journal Credit Debit 290,000 Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 245,000 45,000 b. 190.000 Organization Expenses Coenon Steek, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 120,000 62,000 e. 43,500 15.000 82.800 Cash Mocounts Receivable Building Notes Payable Common Steek, $25 Par Value Paid-In Capital in Excess of Par Valve, Common stock Cash Common stock, $25 Par Value Paid To Capital in Icess of Par Value, Common Stock 59,600 51,700 d. 140,000 79.000 Required: 2. How many shares of common stock are outstanding at year-end? 3. What is the total pald-in capital at year-end? 4. What is the book value per share of the common stock at year-end it total paid in capital plus retained earnings equals $784,000? Complete this question by entering your answers in the tabs below. Reg 2 and 3 How many shares of common stock are outstanding at year-end? What is the total paid in capital at year-end? Prev1 or 12 Next > MacBook Air

Answer 1

At Year-End:

Common stock, $25 par value = $245,000 + $128,000 + $51,700 + $79,000
Common stock, $25 par value = $503,700

Paid-in capital in excess of par value, common stock = $45,000 + $62,000 + $30,000 + $61,000
Paid-in capital in excess of par value, common stock = $198,000

Answer to Requirement 2:

Number of shares outstanding = Common stock, $25 par value / Par value per share
Number of shares outstanding = $503,700 / $25
Number of shares outstanding = 20,148

Answer to Requirement 3:

Total paid-in capital = Common stock, $25 par value + Paid-in capital in excess of par value, common stock
Total paid-in capital = $503,700 + $198,000
Total paid-in capital = $701,700

Answer to Requirement 4:

Book value per common share = Stockholders’ equity applicable to common shares / Number of common shares outstanding
Book value per common share = $784,000 / 20,148
Book value per common share = $38.91