1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
antoniya [11.8K]
2 years ago
9

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 56,000 additional shares of $1 par value common stock for $53 per share. May 10 Purchases 5,100 shares of treasury stock for $56 per share. June 1 Declares a cash dividend of $1.55 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 2,550 shares of treasury stock purchased on May 10 for $61 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, $4,600,000; and Retained Earnings, $2,100,000. Net income for the year ended December 31, 2021, is $610,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021.

Business
2 answers:
MAXImum [283]2 years ago
6 0

Answer:

Total stockholders' equity = $10,014,055

Explanation:

See below images to get step-by-step explanation:

Delvig [45]2 years ago
3 0

Answer:

Total stockholder equity =  $10,014,055  

Explanation:

Detailed explanation is in the attached image:

To calculate for shares eligible for dividend

Opening Balance [100,000] units of stock + 56,000 additional shares less 5100 treasury stocks = 150900 shares eligible for dividend

You might be interested in
Which type of unethical activity is sometimes caused by channel management?
Svetlanka [38]
<span>Channel management is defined as the type of management that is used in a situation where a company develops various marketing techniques and strategies in order to reach the widest possible customer base. The channels are the means used to market the product. Unethical activity usually caused by channel management is UNFAIR DISCRIMINATION. </span>
5 0
3 years ago
Read 2 more answers
A detailed description of the money your business makes and expends every month for the first year is called a(n) A cash-flow st
Oksana_A [137]

Hello there,

A detailed description of the money your business makes and expends every month for the first year is called a(n)

Answer: Cash-flow statement.

6 0
3 years ago
On January 1, 2015, Brooks Inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $2
Black_prince [1.1K]

Answer:

The journal entry which is to be recorded for the first installment payment on the note is shown below:

Explanation:

The journal entry is as on December 31, 2015

 Interest Expense A/c.................Dr  $4,500

Notes Payable A/c.......................Dr  $20,881

              Cash A/c..............................Cr   $25,381

Working Note:

Interest expense = Borrowed amount × 5%

= $90,000  × 5%

= $4,500

Note Payable = Cash - Interest expense

= $25,381 - $4,500

= $20,881

5 0
3 years ago
Joan Demers launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In M
adell [148]

Answer:

the net operating income is $19,000

Explanation:

The computation of the net operating income is shown below:

As we know that

Net Operating Income = Revenue - Costs

= $10,000 + $20,000 - $5,000 -$6,000

= $19,000

Hence, the net operating income is $19,000

we simply deduct the cost from the revenue so that the net operating income could come

4 0
3 years ago
Assume the firm's dividend is $3.44 this year, and that the required rate of return for the firm's industry is 10.2%. The firm's
creativ13 [48]

Answer:

<h2>i hope D is right answer </h2>

Explanation:

<h2> .........7⃣7⃣7⃣7⃣7⃣7⃣</h2>

6 0
2 years ago
Other questions:
  • What is financing?
    7·2 answers
  • A company manufactures mountain bikes. The research department produced the marginal cost function C'(x)=700-(x/3) where 0 is le
    13·1 answer
  • Your organization is creating a site-to-site vpn tunnel between the main business location and a remote office. what can they us
    13·1 answer
  • Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of p
    15·1 answer
  • Delegating authority and responsibility throughout an organization is known as: Multiple Choice management by exception. central
    13·1 answer
  • The Administrator of the state of Wisconsin has designated the Investment Adviser Registration Depository (IARD) as the approved
    9·1 answer
  • Cala Manufacturing purchases land for $489,000 as part of its plans to build a new plant. The company pays $35,300 to tear down
    10·1 answer
  • 1. You have a portfolio that is invested 21% in Stock A, 34% in Stock B, and 45% in Stock C. The betas of the stocks are .66, 1.
    11·1 answer
  • Every night after working the swing shift, Sierra stops by the 24-Store near her house. She often buys bread, cold cuts, and Dr.
    10·1 answer
  • Why is it relevant that finance tends to attract large amounts of money?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!