Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of com 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 47,000 additional shares of $1 par value common stock for $44 per share. Purchases 4,200 shares of treasury stock for $47 per share. Declares a cash dividend of $1.10 per share to all stockholders of record on June 15. (Hint: Dividends are not paid treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,100 shares of treasury stock purchased on May 10 for $52 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common St $100,000; Additional Paid in Capital, $3.700,000, and Retained Earnings, $1,200,000. Net Income for the year ended December 31 2024, is $520,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity Total Paid in Capital Total Stockholders Equity S 4
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of com 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 47,000 additional shares of $1 par value common stock for $44 per share. Purchases 4,200 shares of treasury stock for $47 per share. Declares a cash dividend of $1.10 per share to all stockholders of record on June 15. (Hint: Dividends are not paid treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,100 shares of treasury stock purchased on May 10 for $52 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common St $100,000; Additional Paid in Capital, $3.700,000, and Retained Earnings, $1,200,000. Net Income for the year ended December 31 2024, is $520,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity Total Paid in Capital Total Stockholders Equity S 4
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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Transcribed Image Text: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 47,000 additional shares of $1 par value common stock for $44 per share.
Purchases 4,200 shares of treasury stock for $47 per share.
Declares a cash dividend of $1.10 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 2,100 shares of treasury stock purchased on May 10 for $52 per share.
Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock.
$100,000; Additional Pald in Capital, $3.700,000; and Retained Earnings, $1,200,000 Net Income for the year ended December 31,
2024, is $520,000.
Required:
Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be
deducted should be indicated by a minus sign.)
POWER DRIVE CORPORATION
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity
Total Paid in Capital
Total Stockholders' Equity
S
0
4
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