Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1.8.1AAP
To determine
Concept Introduction:
Statement of retained earnings is prepared at the end of the financial year to calculate the ending balance of retained earnings. The statement includes the beginning balance of retained earnings, net income earned during the year, dividends paid during the year, and ending balance of retained earnings.
To prepare: the statement of retained earnings.
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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…
Preparing a corporate income statement
ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018:
The income tax rate for ABC Corporation is 39%.
Prepare ABC’s income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format.
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
$
6,944,492
$
5,550,252
$
5,704,552
Net income (loss)
3,316,700
2,320,900
(154,300
)
Deductions:
Stock dividend (53,400 shares)
250,000
Common shares retired, September 30 (150,000 shares)
220,660
Common stock cash dividends
897,950
706,000
0
Balance at end of year
$
9,113,242
$
6,944,492
$
5,550,252
At December 31, 2018, paid-in capital consisted of the following:
Common stock, 1,930,000 shares at $1 par
$
1,930,000
Paid in capital—excess of par
7,500,000
No preferred stock or potential common shares were outstanding during any of…
Chapter 1 Solutions
Using Financial Accounting Information
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - Prob. 1.4.1ECh. 1 - Prob. 1.4.2ECh. 1 - Prob. 1.4.3ECh. 1 - Prob. 1.4.4ECh. 1 - Prob. 1.5.1ECh. 1 - Prob. 1.5.2ECh. 1 - Prob. 1.5.3E
Ch. 1 - Changes in Owners’ Equity The following amounts...Ch. 1 - Prob. 1.6.2ECh. 1 - Prob. 1.6.3ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10.1ECh. 1 - Prob. 1.10.2ECh. 1 - Prob. 1.10.3ECh. 1 - Prob. 1.10.4ECh. 1 - Prob. 1.10.5ECh. 1 - Prob. 1.10.6ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3PCh. 1 - Prob. 1.4.1PCh. 1 - Prob. 1.4.2PCh. 1 - Prob. 1.5.1PCh. 1 - Prob. 1.5.2PCh. 1 - Prob. 1.5.3PCh. 1 - Prob. 1.5.4PCh. 1 - Prob. 1.6.1PCh. 1 - Prob. 1.6.2PCh. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7.1PCh. 1 - Prob. 1.7.2PCh. 1 - Prob. 1.7.3PCh. 1 - Prob. 1.7.4PCh. 1 - Prob. 1.8.1PCh. 1 - Prob. 1.8.2PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1AAPCh. 1 - Prob. 1.2AAPCh. 1 - Prob. 1.3AAPCh. 1 - Prob. 1.4AAPCh. 1 - Prob. 1.5AAPCh. 1 - Prob. 1.5.1AAPCh. 1 - Prob. 1.5.2AAPCh. 1 - Prob. 1.5.3AAPCh. 1 - Prob. 1.5.4AAPCh. 1 - Prob. 1.6.1AAPCh. 1 - Prob. 1.6.2AAPCh. 1 - Prob. 1.6.3AAPCh. 1 - Prob. 1.7.1AAPCh. 1 - Prob. 1.7.2AAPCh. 1 - Prob. 1.7.3AAPCh. 1 - Prob. 1.7.4AAPCh. 1 - Prob. 1.8.1AAPCh. 1 - Prob. 1.8.2AAPCh. 1 - Prob. 1.9AAPCh. 1 - Prob. 1.10AAMCP
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