Comparative Statements of Retained Earnings for Renn - Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. RENN - DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2024 2023 2022 Balance at beginning of year $ 7,059, 692 $ 5,609, 452 $ 5,774, 552 Net income (loss ) 3,323,700 2,390, 900 (165, 100) Deductions: Stock dividend (58,500 shares) 257,000 Common shares retired, September 30 (180,000 shares) 227, 660 Common stock cash dividends 904, 950 713,000 0 Balance at end of year $ 9, 221,442 $ 7,059, 692 $ 5,609, 452 At December 31, 2021, paid - in capital consisted of the following: Common stock, 2, 130, 000 shares at $1 par $ 2,130,000 Paid in capital-excess of par 7,570,000 No preferred stock or potential common shares were outstanding during any of the periods shown. Required: Compute Renn - Dever's earnings per share as it would have appeared in income statements for the years ended December 31, 2022, 2023, and 2024. Note: Negative amounts should be indicated by a minus sign.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Only typed solution

Comparative Statements of Retained Earnings for Renn - Dever Corporation were reported as follows
for the fiscal years ending December 31, 2022, 2023, and 2024. RENN - DEVER CORPORATION
Statements of Retained Earnings For the Years Ended December 31 2024 2023 2022 Balance at
beginning of year $ 7,059, 692 $ 5,609, 452 $ 5,774, 552 Net income (loss
) 3,323,700 2, 390,900 (165, 100) Deductions: Stock dividend (58,500 shares) 257,000 Common
shares retired, September 30 (180,000 shares) 227, 660 Common stock cash dividends
904, 950 713, 000 0 Balance at end of year $ 9, 221, 442 $ 7,059, 692 $ 5,609, 452 At December
31, 2021, paid - in capital consisted of the following: Common stock, 2, 130, 000 shares at $1 par S
2,130,000 Paid in capital-excess of par 7,570,000 No preferred stock or potential common shares
were outstanding during any of the periods shown. Required: Compute Renn - Dever's earnings per
share as it would have appeared in income statements for the years ended December
31, 2022, 2023, and 2024. Note: Negative amounts should be indicated by a minus sign.
Transcribed Image Text:Comparative Statements of Retained Earnings for Renn - Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. RENN - DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2024 2023 2022 Balance at beginning of year $ 7,059, 692 $ 5,609, 452 $ 5,774, 552 Net income (loss ) 3,323,700 2, 390,900 (165, 100) Deductions: Stock dividend (58,500 shares) 257,000 Common shares retired, September 30 (180,000 shares) 227, 660 Common stock cash dividends 904, 950 713, 000 0 Balance at end of year $ 9, 221, 442 $ 7,059, 692 $ 5,609, 452 At December 31, 2021, paid - in capital consisted of the following: Common stock, 2, 130, 000 shares at $1 par S 2,130,000 Paid in capital-excess of par 7,570,000 No preferred stock or potential common shares were outstanding during any of the periods shown. Required: Compute Renn - Dever's earnings per share as it would have appeared in income statements for the years ended December 31, 2022, 2023, and 2024. Note: Negative amounts should be indicated by a minus sign.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education