Question
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. RENN-DEVER CORPORATION
| Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. |
| RENN-DEVER CORPORATION | |||||||||
| Statements of Retained Earnings | |||||||||
| For the Years Ended December 31 | 2016 | 2015 | 2014 | ||||||
| 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, 2013, paid-in capital consisted of the following: |
| Common stock, 1,910,000 shares at $1 par, | $ | 1,910,000 | |
| Paid in capitalexcess of par | 7,490,000 | ||
| No preferred stock or potential common shares were outstanding during any of the periods shown. |
| Required: |
| Compute Renn-Devers earnings per share as it would have appeared in income statements for the years ended December 31, 2014, 2015, and 2016. (Negative amounts should be indicated by a minus sign.) |
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
