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You have just been hired by SecuriDoor Corporation, the manufacturer of a

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Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2013, O’Donnell invests a building worth $60,000 and equipment valued at $32,000 as well as $28,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances.

Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a loc...
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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 260,000 Common Stock, $25 Par Value 240,000 Paid-In Capital in Excess of Par Value, Common Stock 20,000 b. Organization Expenses 190,000 Common Stock, $25 Par Value 129,000 Paid-In Capital in Excess of Par Value, Common Stock 61,000 c. Cash 43,500 Accounts Receivable 19,000 Building 81,700 Notes Payable 59,600 Common Stock, $25 Par Value 54,600 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 125,000 Common Stock, $25 Par Value 78,000 Paid-In Capital in Excess of Par Value, Common Stock 47,000 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? 4. What is the total paid-in capital at year-end? 5. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $796,000?

Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacte...

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