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 $ 6,970,692 $ 5,584,452 $ 5,694,552 Net income (loss) 3,315,700 2,310,900 (110,100) Deductions: Stock dividend (35,400 shares) 249,000 Common shares retired, September 30 (140,000 shares) 219,660 Common stock cash dividends 896,950 705,000 0 Balance at end of year $ 9,140,442 $ 6,970,692 $ 5,584,452 At December 31, 2021, paid-in capital consisted of the following: Common stock, 1,910,000 shares at $1 par $ 1,910,000 Paid in capital—excess of par 7,490,000 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.
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 $ 6,970,692 $ 5,584,452 $ 5,694,552 Net income (loss) 3,315,700 2,310,900 (110,100) Deductions: Stock dividend (35,400 shares) 249,000 Common shares retired, September 30 (140,000 shares) 219,660 Common stock cash dividends 896,950 705,000 0 Balance at end of year $ 9,140,442 $ 6,970,692 $ 5,584,452 At December 31, 2021, paid-in capital consisted of the following: Common stock, 1,910,000 shares at $1 par $ 1,910,000 Paid in capital—excess of par 7,490,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Comparative Statements of
| RENN-DEVER CORPORATION | |||
| Statements of Retained Earnings | For the Years Ended December 31 | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Balance at beginning of year | $ 6,970,692 | $ 5,584,452 | $ 5,694,552 |
| Net income (loss) | 3,315,700 | 2,310,900 | (110,100) |
| Deductions: | |||
| Stock dividend (35,400 shares) | 249,000 | ||
| Common shares retired, September 30 (140,000 shares) | 219,660 | ||
| Common stock cash dividends | 896,950 | 705,000 | 0 |
| Balance at end of year | $ 9,140,442 | $ 6,970,692 | $ 5,584,452 |
At December 31, 2021, paid-in capital consisted of the following:
| Common stock, 1,910,000 shares at $1 par | $ 1,910,000 |
|---|---|
| Paid in capital—excess of par | 7,490,000 |
No
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.
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