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Exercise 10-11 Prepare a statement of stockholders' equity [LO7]

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 2012. Power Drive has the following transactions affecting stockholders' equity in 2012.

March 1 Issues 55,000 additional shares of $1 par value common stock for $52 per share. May 10 Repurchases 5,000 shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.50 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 Reissues 2,500 shares of treasury stock purchased on May 10 for $60 per share.

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Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2012: common stock, $100,000; paid-in capital, $4,500,000; and retained earnings, $2,000,000. Net income for the year ended December 31, 2012, is $600,000.

Required:

Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2012. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank – be certain to enter "0" wherever required. Omit the "$" sign in your response.)

POWER DRIVE CORPORATION
Statement of Stockholders' Equity
For the year ended December 31, 2012 Common
Stock Additional
Paid-in
Capital Retained
Earnings Treasury
Stock Total
Stockholders'
Equity Balance, January 1 $ 100,000 $ 4,500,000 $ 2,000,000 $ 0 $ 6,600,000 Issued common stock Repurchased treasury stock Cash dividends Sold treasury stock Net income Balance, December 31 $ $ $ $ $ value:
1.00 points

Exercise 10-9 Record common stock, treasury stock, and cash dividends [LO2, 4, 5]

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 2012. Power Drive has the following transactions affecting stockholders' equity in 2012. March 1 Issues 55,000 additional shares of $1 par value common stock for $52 per share. May 10 Repurchases 5,000 shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.50 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 Reissues 2,500 shares of treasury stock purchased on May 10 for $60 per share.

Required: Record each of these transactions. (Omit the "$" sign in your response.)

Date General Journal Debit Credit Mar. 1
(Click to select)Treasury stockCashAdditional paid-in capitalAccounts receivableAccounts payableCommon stockRetained earningsPreferred stock
(Click to select)Additional paid in capitalCommon stockCashPreferred stockTreasury stockRetained earningsAccounts receivableAccounts payable
(Click to select)Retained earningsCommon stockTreasury stockAdditional paid in capitalAccounts payableAccounts receivableCashPreferred stock May 10
(Click to select)Retained earningsAdditional paid-in capitalPreferred stockAccounts payableCommon stockAccounts receivableCashTreasury stock
(Click to select)Common stockRetained earningsTreasury stockPreferred stockCashAdditional paid-in capitalAccounts receivableAccounts payable June 1
(Click to select)Additional paid-in capitalTreasury stockDividendsDividends payableCashAccounts receivableCommon stockAccounts payable
(Click to select)Additional paid-in capitalCommon stockDividendsAccounts receivableTreasury stockCashAccounts payableDividends payable July 1
(Click to select)CashRetained earningsDividendsAdditional paid-in capitalAccounts receivableTreasury stockAccounts payableDividends payable
(Click to select)Accounts receivableCashDividendsAccounts payableTreasury stockRetained earningsDividends payableAdditional paid-in capital Oct. 21
(Click to select)Preferred stockRetained earningsTreasury stockAdditional paid-in capitalAccounts payableAccounts receivableCommon stockCash
(Click to select)CashCommon stockPreferred stockAccounts payableAccounts receivableRetained earningsAdditional paid in capitalTreasury stock
(Click to select)Retained earningsAccounts payableCashAccounts receivablePreferred stockTreasury stockAdditional paid in capitalCommon stock check my workeBook Links (3) references Worksheet Difficulty: Medium Learning Objective: 10-04 Account for treasury stock. Exercise 10-9 Record common stock, treasury stock, and cash dividends [LO2, 4, 5]

Exercise 10-8 Record cash dividends [LO5]

On March 15, American Eagle declares a quarterly cash dividend of $0.075 per share payable on April 13 to all stockholders of record on March 30.

Required:

Record American Eagle's declaration and payment of cash dividends for its 220 million shares. (Enter your answers in dollars, not in millions.Leave no cells blank. If no entry is required, select "No journal entry required" in the account field and enter zero (0) in the amount field. Omit the "$" sign in your response.)

Date General Journal Debit Credit March 15
(Click to select)No journal entry requiredAccounts payableDividendsCommon stockAccounts receivableDividends payableAdditional paid-in capitalCash
(Click to select)Notes receivableDividends payableAccounts receivableCommon stockNo journal entry requiredAdditional paid-in capitalAccounts payableCash March 30
(Click to select)Additional paid-in capitalNotes receivableCashAccounts receivableDividends payableAccounts payableRetained earningsNo journal entry required
(Click to select)Accounts receivableAccounts payableNo journal entry requiredNotes receivableDividends payableRetained earningsCashAdditional paid-in capital April 13
(Click to select)Dividends payableNo journal entry requiredAccounts payableCashAccounts receivableRetained earningsNotes receivableAdditional paid-in capital
(Click to select)CashAdditional paid-in capitalAccounts receivableNo journal entry requiredNotes receivableDividends payableAccounts payableRetained earnings

Exercise 10-5 Record common stock, preferred stock, and dividend transactions [LO2, 3, 5]
Italian Stallion has the following transactions during the year related to stockholders equity.

February 1 Issues 5,000 shares of no-par common stock for $15 per share. May 15 Issues 500 shares of $10 par value preferred stock for $12 per share. October 1 Declares a cash dividend of $0.75 per share to all stockholders of record (both common
and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1.

Required:

Record each of these transactions. (Leave no cells blank. If no entry is required, select "No journal entry required" in the account field and enter zero (0) in the amount field.Omit the "$" sign in your response.)

Date General Journal Debit Credit Feb. 1
(Click to select)No journal entry requiredAdditional paid-in capitalDividends payableCash dividendsPreferred stockCommon stockCashTreasury stock
(Click to select)Dividends payablePreferred stockCash dividendsTreasury stockCashNo journal entry requiredAdditional paid-in capitalCommon stock May 15
(Click to select)No journal entry requiredPreferred stockCash dividendsTreasury stockAdditional paid-in capitalDividendsCashDividends payable
(Click to select)Additional paid-in capitalDividendsTreasury stockCashNo journal entry requiredPreferred stockCash dividendsDividends payable
(Click to select)Additional paid-in capitalPreferred stockTreasury stockDividendsCash dividendsCashDividends payableNo journal entry required Oct. 1
(Click to select)Accounts payableDividendsAccounts receivableDividends payableRetained earningsCashNo journal entry requiredAdditional paid-in capital
(Click to select)Retained earningsDividends payableCashNo journal entry requiredAccounts payableAccounts receivableAdditional paid-in capitalDividends Oct. 15
(Click to select)DividendsTreasury stockCash dividendsDividends payableAdditional paid-in capitalCashNo journal entry requiredPreferred stock
(Click to select)Preferred stockCash dividendsCashDividends payableNo journal entry requiredTreasury stockAdditional paid-in capitalDividends Oct. 31
(Click to select)DividendsRetained earningsDividends payableAccounts payableAccounts receivableAdditional paid-in capitalNo journal entry requiredCash
(Click to select)DividendsCashDividends payablePreferred stockAdditional paid-in capitalCash dividendsNo journal entry requiredTreasury stock

Learning Objective: 10-02 Record the issuance of common stock. Learning Objective: 10-05 Describe retained earnings and record cash dividends.

 

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