Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Statements of Retained Earnings Balance at beginning of year Net income (loss) Deductions: Stock dividend (36,500 shares) Common shares retired, September 30 (125,000 shares) Common stock cash dividends Balance at end of year Year 2022 2023 2024 Numerator RENN-DEVER CORPORATION At December 31, 2021, paid-in capital consisted of the following: Common stock, 1,950,000 shares at $1 par Paid in capital-excess of par $ 1,950,000 7,510,000 No preferred stock or potential common shares were outstanding during any of the periods shown. $ (101,200) Denominator 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. 1,950,000 = $ = Earnings (Net Loss) per Share For the Years Ended December 31 2823 $ 5,613,352 2,330,900 2824 $ 7,015,592 3,317,700 251,000 898,950 $ 9,183,342 (0.05) 0 0 221,668 707,808 $ 7,015,592 2022 $ 5,714,552 (101,200) $ 5,613,352
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Statements of Retained Earnings Balance at beginning of year Net income (loss) Deductions: Stock dividend (36,500 shares) Common shares retired, September 30 (125,000 shares) Common stock cash dividends Balance at end of year Year 2022 2023 2024 Numerator RENN-DEVER CORPORATION At December 31, 2021, paid-in capital consisted of the following: Common stock, 1,950,000 shares at $1 par Paid in capital-excess of par $ 1,950,000 7,510,000 No preferred stock or potential common shares were outstanding during any of the periods shown. $ (101,200) Denominator 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. 1,950,000 = $ = Earnings (Net Loss) per Share For the Years Ended December 31 2823 $ 5,613,352 2,330,900 2824 $ 7,015,592 3,317,700 251,000 898,950 $ 9,183,342 (0.05) 0 0 221,668 707,808 $ 7,015,592 2022 $ 5,714,552 (101,200) $ 5,613,352
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Rahul
![Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending
December 31, 2022, 2023, and 2024.
Statements of Retained Earnings
Balance at beginning of year
Net income (loss)
Deductions:
Stock dividend (36,500 shares)
Common shares retired, September 30 (125,000 shares)
Common stock cash dividends
Balance at end of year
Year
2022
2023
2024
Numerator
$ (101,200)
At December 31, 2021, paid-in capital consisted of the following:
Common stock, 1,950,000 shares at $1 par
Paid in capital-excess of par
$ 1,950,000
7,510,000
No preferred stock or potential common shares were outstanding during any of the periods shown.
=
=
RENN-DEVER CORPORATION
Denominator
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.
1,950,000 = $
=
=
Earnings (Net Loss)
per Share
For the Years Ended December 31
2023
$ 5,613,352
2,330,900
(0.05)
0
2024
$ 7,015,592
3,317,700
0
251,000
898,950
$ 9,183,342
221,660
707,000
$7,015,592
2822
$ 5,714,552
(101,200)
8
$ 5,613,352](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86095804-6441-4412-836a-271d561918d3%2Ffa6a89ae-078a-4a1d-87ef-7e36ac58dc27%2Ftkjjj5_processed.jpeg&w=3840&q=75)
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.
Statements of Retained Earnings
Balance at beginning of year
Net income (loss)
Deductions:
Stock dividend (36,500 shares)
Common shares retired, September 30 (125,000 shares)
Common stock cash dividends
Balance at end of year
Year
2022
2023
2024
Numerator
$ (101,200)
At December 31, 2021, paid-in capital consisted of the following:
Common stock, 1,950,000 shares at $1 par
Paid in capital-excess of par
$ 1,950,000
7,510,000
No preferred stock or potential common shares were outstanding during any of the periods shown.
=
=
RENN-DEVER CORPORATION
Denominator
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.
1,950,000 = $
=
=
Earnings (Net Loss)
per Share
For the Years Ended December 31
2023
$ 5,613,352
2,330,900
(0.05)
0
2024
$ 7,015,592
3,317,700
0
251,000
898,950
$ 9,183,342
221,660
707,000
$7,015,592
2822
$ 5,714,552
(101,200)
8
$ 5,613,352
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education