Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affectingstockholders' equity in 2024. Power Drive Corporation has the following beginning balances in its stockholders' equityaccounts on January 1, 2024: Common Stock, $100,000; Additional Paid - in Capital, $5,300,000; and Retained Earnings,$2,800,000. Net income for the year ended December 31, 2024, is $680,000. Required: Prepare the stockholders'equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. Note: Amounts to bededucted should be indicated by a minus sign. \table[[POWER DRIVE CORPORATION], [Balance Sheet], [(Stockholders'Equity Section),], [Stockholders' Equity:,], [,], [,], [,], [Total Paid - in Capital,], [, ], [, ], [, ], [Total Stockholders' Equity,]]POWER DRIVE CORPORATIONBalance Sheet(Stockholders' Equity Section)December 31, 2024Stockholders' Equity:Total Paid-in CapitalTotal Stockholders' Equity

Power Drive Corporation, a company specializing in golf equipment and apparel, meticulously manages…

Answered: Power Drive Corporation designs and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: Common stock, 105 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in thousands) $ 105,000 624,000 840,000 a. November 1, 2024, the board of directors declared a cash dividend of $0.60 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.9 million, but were purchased two years previously for $1.7 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2025, the…
Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 65,000 additional shares of $1 par value common stock for $62 per share. May 10 Purchases 6,000 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 3,000 shares of treasury stock purchased on May 10 for $70 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $5,500,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2021, is $700,000. Required: Prepare the…
Oriole Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 430,000 shares of stock at $6 per share. Sept. 5 Purchased 34,000 shares of treasury stock at $8 per share. Journalize the transactions for Oriole Corporation. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Cash Common Stock Pald-In Capltal In Excess of Stated Value-Common Stock >
Stone Company reported net income of $4,500,000 in 2024. The weighted average number of common shares outstanding during 2024 was 200,000 shares. Stone paid $ 250,000 in dividends on preferred stock, which was convertible into 40,000 shares of common stock. How much is basic earnings per share for 2024?
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 64,000 additional shares of $1 par value common stock for $61 per share. May 10 Purchases 5,900 shares of treasury stock for $64 per share. June 1 Declares a cash dividend of $1.95 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,950 shares of treasury stock purchased on May 10 for $69 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $5,400,000; and Retained Earnings, $2,900,000. Net income for the year ended December 31, 2024, is $690,000.
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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 45,000 additional shares of $1 par value common stock for $42 per share. Purchases 4,000 shares of treasury stock for $45 per share. Declares a cash dividend of $1.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. July 1 October 21 Resells 2,000 shares of treasury stock purchased on May 10 for $50 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $3,500,000; and Retained Earnings, $1,000,000. Net income for the year ended December 31, 2024, is $500,000. Required: Prepare the…
The stockholders' equity accounts of Wildhorse Company have the following balances on December 31, 2025. Common stock, $10 par, 292,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings $2,920,000 1,320,000 5,080,000 Shares of Wildhorse Company stock are currently selling on the Midwest Stock Exchange at $33. Prepare the appropriate journal entries for each of the following cases. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) a. A stock dividend of 6% is (1) declared and (2) issued. b. A stock dividend of 100% is (1) declared and (2) issued. C. A 2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation a. (1) a. (2) b. (1) b. (2) c. (1) c. (2) Debit Credit
Crane Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity: 1. Crane's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 253,000 preferred shares, the latter of which pay an annual dividend of $3.0 per share. 2. A total of 303,000 common shares were issued for $6 a share, 3. A total of 35,000 preferred shares were issued for $10 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.12 per share was declared on the common shares but was not yet paid. 7. The company had net income of $170,000 for the year. (Assume sales of $500,000 and total operating expenses of $330,000.) 8. The dividends on the common shares were paid. 9. The closing entry for the Dividends Declared account was prepared.
Vikram
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 53,000 additional shares of $1 par value common stock for $50 per share. Purchases 4,800 shares of treasury stock for $53 per share. Declares a cash dividend of $1.40 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.). May 10 June 1 July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,400 shares of treasury stock purchased on May 10 for $58 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $4,300,000; and Retained Earnings, $1,800,000. Net income for the year ended December 31, 2024, is $580,000. Required: Prepare the…

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