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Inessa05 [86]
3 years ago
15

Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Sto

ck, $100,000; Additional Paid-in Capital, $4,500,000; and Retained Earnings, $2,000,000. Net income for the year ended December 31, 2021, is $600,000. Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021.
Business
2 answers:
olchik [2.2K]3 years ago
8 0

Answer:

                                   <u>Power Drive Corporation</u>

<u>Stockholders' equity section of the balance sheet as at December 31, 2021</u>

                                                              Amount in $               Amount in $

Stockholder's Equity

Common Stock                                                                           100,000

Additional Paid in-Capital                                                        4,500,000

Retained Earning at beginning            2,000,000

Add: Net income                                  <u>    600,000</u>

Total Retained Earnings                                                         <u>2,600,000  </u>

Total Stockholder's Equity                                                    <u>7,200,000 </u><u> </u>

Explanation:

Shareholder's equity represents the amount owed to the owners of the business shown on the balance sheet.

This includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid), additional paid-in capital and common shares.

Vlad [161]3 years ago
7 0

Answer:

Total Stockholder's Equity = $7,200,000

Explanation:

                                            Power Drive Corporation

                                              Partial Balance Sheet

                                                As on Dec.31, 2021

Stockholder's Equity:

Common Stock                                                             $100,000

Additional Paid in-Capital                                            $4,500,000

Retained Earning at beginning                   $2,000,000

Add: Net income                                             <u>$600,000</u>

Total Retained Earnings                                             <u>$2,600,000</u>  

Total Stockholder's Equity                                         <u>$7,200,000</u>

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Question Completion:

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Hernandez Company

Journal Entries:

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Credit Common stock $630,000

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To record the issuance of 42,000 shares of $15 par common stock for $36 per share.

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To record the issuance of 8,000 shares of $70 par preferred stock for $97 per share.

October 6 Debit Treasury Stock $30,000

Debit Additional Paid-in Capital-Common stock $28,000

Credit Cash $58,000

To record the repurchase of 2,000 shares of treasury stock for $29 per share.

December 9 Debit Cash $3,850

Credit Treasury stock $1,650

Credit Additional Paid-in Capital-Common stock $2,200

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Explanation:

a) Data and Analysis:

January 2 Cash $1,512,000 Common stock $630,000 Additional Paid-in Capital-Common stock $882,000

issuance of 42,000 shares of $15 par common stock for $36 per share.

April 3 Cash $ 776,000 Preferred stock $560,000 Additional Paid-in Capital-Preferred stock $216,000

issuance of 8,000 shares of $70 par preferred stock for $97 per share.

October 6 Treasury Stock $30,000 Additional Paid-in Capital-Common stock $28,000 Cash $58,000

repurchase of 2,000 shares of treasury stock for $29 per share.

December 9 Cash $3,850 Treasury stock $1,650 Additional Paid-in Capital-Common stock $2,200

re-issue of 110 shares of treasury stock for $35 per share.

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