Question
In: Accounting
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021.
|
RENN-DEVER CORPORATION |
||||||||||
|
Statements of Retained Earnings |
For the Years Ended December 31 |
|||||||||
|
2021 |
2020 |
2019 |
||||||||
|
Balance at beginning of year |
7,094,292 |
5,620,052 |
5,804,552 |
|||||||
|
Net income (loss) |
3,326,700 |
2,420,900 |
(184,500) |
|||||||
|
Deductions: |
||||||||||
|
Stock dividend (61,500 shares) |
260,000 |
|||||||||
|
Common shares retired, September 30 (140,000 shares) |
230,660 |
|||||||||
|
Common stock cash dividends |
907,950 |
716,000 |
0 |
|||||||
|
Balance at end of year |
9,253,042 |
7,094,292 |
5,620,052 |
|||||||
At December 31, 2018, paid-in capital consisted of the
following:
|
Common stock, 2,190,000 shares at $1 par |
2,190,000 |
||
|
Paid in capital—excess of par |
7,600,000 |
||
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, 2019, 2020,
and 2021. (Negative amounts should be indicated by a minus
sign.)
|
Year |
Numerator |
/ |
Denominator |
= |
Earnings (Net Loss) per Share |
|
2019 |
$(184,500) |
/ |
2,190,000 |
= |
$(0.08) |
|
2020 |
$2,420,900 |
/ |
= |
0 |
|
|
2021 |
$3,326,700 |
/ |
= |
0 |
Solutions
ekkarill92 answered 2 months agoRelated Solutions
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2021, 2022, and 2023.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2021, 2022, and 2023
($ in millions)
Preferred Stock
$10 par
Common Stock
$1 par
Additional
Paid-In Capital
Retained Earnings
Total
Shareholders' Equity
Balance at January 1, 2021
60
540
1,838
2,438
Sale of preferred shares
20
860
880
Sale of common shares...
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2018, 2019, and 2020.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2018, 2019, and 2020
($ in millions)
Preferred
Stock
$10 par
Common
Stock
$1 par
Additional
Paid-In Capital
Retained
Earnings
Total
Shareholders' Equity
Balance at January
1, 2018
75
450
1,904
2,429
Sale of preferred shares
30
960
990
Sale of common shares...
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2018, 2019, and 2020.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2018, 2019, and 2020
($ in millions)
Preferred
Stock
$10 par
Common
Stock
$1 par
Additional
Paid-In Capital
Retained
Earnings
Total
Shareholders' Equity
Balance at January
1, 2018
50
450
1,596
2,096
Sale of preferred shares
10
420
430
Sale of common shares...
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as...
Comparative statements of retained earnings for Renn-Dever
Corporation were reported in its 2018 annual report as follows.
RENN-DEVER CORPORATION Statements of Retained Earnings For the
Years Ended December 31, 2018 2017 2016 Balance at beginning of
year $ 6,962,452 $ 5,659,552 $ 5,824,552 Net income (loss)
3,408,700 2,300,900 (165,000 ) Deductions: Stock dividend (34,500
shares) 241,500 Common shares retired (120,000 shares) 240,000
Common stock cash dividends 899,950 758,000 0 Balance at end of
year $ 9,229,702 $ 6,962,452 $ 5,659,552...
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as...
Comparative statements of retained earnings for Renn-Dever
Corporation were reported in its 2018 annual report as
follows.
RENN-DEVER CORPORATION
Statements of Retained Earnings
For the Years Ended December 31,
2018
2017
2016
Balance at beginning of year
$
7,011,452
$
5,696,552
$
5,864,552
Net income (loss)
3,448,700
2,340,900
(168,000
)
Deductions:
Stock dividend (35,500 shares)
248,500
Common shares retired (124,000 shares)
248,000
Common stock cash dividends
919,950
778,000
0
Balance at end of year
$
9,291,702
$
7,011,452
$
5,696,552...
Presented below are the comparative income and retained earnings statements for Martinez Inc. for the years...
Presented below are the comparative income and retained earnings
statements for Martinez Inc. for the years 2017 and 2018.
2018
2017
Sales
$334,000
$264,000
Cost of sales
217,000
144,000
Gross profit
117,000
120,000
Expenses
95,200
50,700
Net income
$21,800
$69,300
Retained earnings (Jan. 1)
$121,700
$76,300
Net income
21,800
69,300
Dividends
(31,400
)
(23,900
)
Retained earnings (Dec. 31)
$112,100
$121,700
The following additional information is provided:
1.
In 2018, Martinez Inc. decided to switch its depreciation
method from sum-of-the-years’...
Presented below are the comparative income and retained earnings statements for Martinez Inc. for the years...
Presented below are the comparative income and retained earnings
statements for Martinez Inc. for the years 2017 and 2018.
2018
2017
Sales
$334,000
$264,000
Cost of sales
217,000
144,000
Gross profit
117,000
120,000
Expenses
95,200
50,700
Net income
$21,800
$69,300
Retained earnings (Jan.
1)
$121,700
$76,300
Net income
21,800
69,300
Dividends
(31,400
)
(23,900
)
Retained earnings (Dec.
31)
$112,100
$121,700
The following additional information is provided:
1.
In 2018, Martinez Inc. decided
to switch its depreciation method from sum-of-the-years’...
18-6 Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the...
18-6
Comparative statements of shareholders’ equity for Anaconda
International Corporation were reported as follows for the fiscal
years ending December 31, 2021, 2022, and 2023.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2021, 2022, and 2023
($ in millions)
Preferred Stock
$10 par
Common Stock
$1 par
Additional
Paid-In Capital
Retained Earnings
Total
Shareholders' Equity
Balance at January 1, 2021
50
450
1,596
2,096
Sale of preferred shares
10
420
430
Sale of common...
Exercise 22-9 Presented below are the comparative income and retained earnings statements for Headland Inc. for...
Exercise 22-9
Presented below are the comparative income and retained earnings
statements for Headland Inc. for the years 2017 and 2018.
2018
2017
Sales
$316,000
$272,000
Cost of sales
185,000
143,000
Gross profit
131,000
129,000
Expenses
94,600
48,700
Net income
$36,400
$80,300
Retained earnings (Jan. 1)
$128,600
$75,700
Net income
36,400
80,300
Dividends
(31,800
)
(27,400
)
Retained earnings (Dec. 31)
$133,200
$128,600
The following additional information is provided:
1.
In 2018, Headland Inc. decided to switch its depreciation
method...
Costco Wholesale Corporation Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) August 28, 2016...
Costco Wholesale Corporation
Consolidated Statements of Earnings
For Fiscal Years Ended ($ millions)
August 28, 2016
August 30, 2015
August 31, 2014
Revenue
Net Sales
$116,073
$113,666
$110,212
Membership fees
2,646
2,533
2,428
Total revenue
118,719
116,199
112,640
Operating expenses
Merchandise costs
102,901
101,065
98,458
Selling, general and administrative
12,068
11,445
10,899
Preopening expenses
78
65
63
Operating Income
3,672
3,624
3,220
Other income (expense)
Interest expense
(133)
(124)
(113)
Interest income and other, net
80
104
90
Income before...
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