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 At December 31, 2015, common shares consisted of the following: Common stock, 1,835,000 shares at $1 par $ 1,835,000 Paid-in capital—excess of par 11,010,000 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained earnings during 2016, 2017, and 2018. Prepare the journal entries that reflect those events and transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Sheridan Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Sheridan Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,889,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,530,000. In both years, the company incurred a 9% interest expense on $2,449,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Pina Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Pina Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,818,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,424,000. In both years, the company incurred a 10% interest expense on $2,424,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Shamrock Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Shamrock Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,818,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,424,000. In both years, the company incurred a 10% interest expense on $2,424,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Teal Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Teal Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,746,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,459,000. In both years, the company incurred a 10% interest expense on $2,370,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Blue Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Blue Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1,791,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,378,000. In both years, the company incurred a 10% interest expense on $2,345,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Grouper Corporation is preparing the comparative financial statements for the annual report to its shareholders for...

Grouper Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1,772,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,440,000. In both years, the company incurred a 9% interest expense on $2,385,000 of debt, an obligation that requires interest-only payments for 5 years. The company...

Problem 16-6 Skysong Corporation is preparing the comparative financial statements for the annual report to its...

Problem 16-6 Skysong Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1,775,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,566,000. In both years, the company incurred a 10% interest expense on $2,446,000 of debt, an obligation that requires interest-only payments for 5 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’...

Presented below are the comparative income and retained earnings statements for Martinez Inc. for the years...

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...

Subjects