Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Required 1. Explain the transaction(s) underlying each journal entry (a) through (d). 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital at year-end? 4. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $695,000?
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
a.
b.
C.
d.
General Journal
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Organization Expenses
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Accounts Receivable
Building
Notes Payable
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Debit Credit
280,000
180,000
44,000
17,000
81,800
138,000
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?
240,000
40,000
126,000
54,000
59,600
53,200
30,000
78,000
60,000
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
a.
b.
C.
d.
General Journal
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Organization Expenses
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Accounts Receivable
Building
Notes Payable
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
Cash
Common Stock, $25 Par Value
Paid-In Capital in Excess of Par Value, Common Stock
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
Debit
270,000
170,000
44,000
18,500
81,800
136,000
Credit
245,000
25,000
126,000
44,000
59,900
54,400
30,000
80,000
56,000
Chapter 11 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 11 - Prob. 1DQCh. 11 - How are organization expenses reported?Ch. 11 - Prob. 3DQCh. 11 - What is the difference between authorized shares...Ch. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Refer to Apple’s fiscal 2016 balance sheet in...Ch. 11 - Prob. 16DQCh. 11 - Prob. 17DQCh. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - For each situation, identify whether we should...Ch. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 20QSCh. 11 - Prob. 21QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - York’s outstanding stock consists of 80,000 shares...Ch. 11 - Use the data in Exercise 118 to determine the...Ch. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Compute the priceearnings ratio for each of these...Ch. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 1PSACh. 11 - Prob. 2PSACh. 11 - Prob. 3PSACh. 11 - Prob. 4PSACh. 11 - Raphael Corporation’s common stock is currently...Ch. 11 - Prob. 1PSBCh. 11 - Prob. 2PSBCh. 11 - Prob. 3PSBCh. 11 - The equity sections from Hovo Corporation’s 2017...Ch. 11 - Prob. 5PSBCh. 11 - Prob. 11SPCh. 11 - Prob. 1GLPCh. 11 - The following General Ledger assignments highlight...Ch. 11 - Use Apple’s financial statements in Appendix A to...Ch. 11 - Prob. 2FSACh. 11 - Prob. 3FSACh. 11 - Harriet Moore is an accountant for New World...Ch. 11 - Prob. 5BTN
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- McVie Corporations stock has a par value of $2. The company has the following transactions during the year: Journalize the transactions.arrow_forwardes 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 a. b. C. d. General Journal Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Organization Expenses Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Accounts Receivable Building Notes Payable Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock Cash Common Stock, $25 Par Value Paid-In Capital in Excess of Par Value, Common Stock 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 Debit 270,000 180,000 46,000 18,000 82,400 134,000 Credit 230,000 40,000 127,000 53,000 59,700 56,700 30,000 77,000 57,000arrow_forwardHow many shares of common stock are outstanding at year-end(Refer to the Balance Sheet). (one sentence answer)arrow_forward
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