shj.4 Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of commonstock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024.Issues 54,000 additional shares of $1 par value common stock for $51 per share.Purchases 4,900 shares of treasury stock for $54 per share.Declares a cash dividend of $1.45 per share to all stockholders of record on June 15. (Hint: Dividends arenot paid on treasury stock.)July 1Pays the cash dividend declared on June 1.October 21 Resells 2,450 shares of treasury stock purchased on May 10 for $59 per share.March 1May 10June 1Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock,$100,000; Additional Paid-in Capital, $4,400,000; and Retained Earnings, $1,900,000. Net income for the year ended December 31,2024, is $590,000.Required:Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to bededucted should be indicated by a minus sign.)POWER DRIVE CORPORATIONBalance Sheet(Stockholders' Equity Section)December 31, 2024Stock Iders' Equity:Total Paid-in CapitalTotal Stockholders' Equity

The treasury stock decreases the total stockholders' equity and number of shares outstadnding. The…

Answered: Power Drive Corporation designs and…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

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Problem 9P

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Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
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 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.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,000 shares of treasury stock purchased on May 10 for $50 per share. May 10 June 1 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…
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…
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.
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. Issues 65,000 additional shares of $1 par value common stock for $62 per share. Purchases 6,000 shares of treasury stock for $65 per share. 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. March 1 May 10 June 1 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, $5,500,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2024, is $700,000. Required: Prepare the…
Maple Forest Corporation designs and produces a line of golf equipment and golf apparel. Maple Forest has 100,000 shares of common stock outstanding as of the beginning of 2024. Maple Forest has the following transactions affecting stockholders' equity in 2024. March 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. Purchases 5,800 shares of treasury stock for $63 per share. Declares a cash dividend of $1.90 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 2,900 shares of treasury stock purchased on May 10 for $68 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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 57,000 additional shares of $1 par value common stock for $54 per share. Purchases 5,200 shares of treasury stock for $57 per share. Declares a cash dividend of $1.60 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 2,600 shares of treasury stock purchased on May 10 for $62 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, $4,700,000, and Retained Earnings, $2,200,000. Net income for the year ended December 31, 2024, is $620,000. Required: Prepare the…
Bay Meadows Corporation designs and produces a line of golf equipment and golf apparel. Bay Meadows has 100,000 shares of common stock outstanding as of the beginning of 2024. Bay Meadows has the following transactions affecting stockholders' equity in 2024. Issues 59,000 additional shares of $1 par value common stock for $56 per share. Purchases 5,400 shares of treasury stock for $59 per share. Declares cash dividend of $1.70 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 2,700 shares of treasury stock purchased on May 10 for $64 per share. March 1 May 10 June 1 Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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…

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