Question

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


At December 31, 2015, common shares consisted of the following:

Common stock, 1,865,000 shares at $1 par $ 1,865,000
Paid-in capital—excess of par 7,460,000


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.)

Homework Answers

Answer #1

Date

General Journal

Debit

Credit

2016

Retained Earnings

168000

Income Summary

168000

2017

Income Summary

2340900

Retained Earnings

2340900

Common Stock

124000

Paid in Capital-Excess of Par

496000

Retained Earnings

248000

Cash

868000

Retained Earnings

778000

Cash Dividend Payable

778000

Cash Dividend Payable

778000

Cash

778000

2018

Income Summary

3448700

Retained Earnings

3448700

Retained Earnings

248500

Common Stock

35500

Paid in Capital-Excess of Par

213000

Retained Earnings

919950

Cash Dividend Payable

919950

Cash Dividend Payable

919950

Cash

919950

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 $ 7,133,952 $ 5,789,052 $ 5,964,552 Net income (loss) 3,548,700 2,440,900 (175,500 ) Deductions: Stock dividend (38,000 shares) 266,000 Common shares retired (134,000 shares) 268,000 Common stock cash dividends 969,950 828,000 0 Balance at end of year $ 9,446,702 $ 7,133,952 $ 5,789,052...
Problem 18-4 Statement of retained earnings [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation...
Problem 18-4 Statement of retained earnings [LO18-5, 18-7] Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2018 annual report as follows. Problem 18-4 Statement of retained earnings [LO18-5, 18-7] 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 $ 7,060,452 $ 5,733,552 $ 5,904,552 Net income (loss) 3,488,700...
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, 2016, 2017, and 2018. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2018 2017 2016 Balance at beginning of year $ 6,851,992 $ 5,497,752 $ 5,654,552 Net income (loss) 3,311,700 2,270,900 (156,800 ) Deductions: Stock dividend (34,000 shares) 245,000 Common shares retired, September 30 (130,000 shares) 215,660 Common stock cash dividends 892,950 701,000 0 Balance at end...
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 $ 7,063,292 $ 5,629,052 $ 5,754,552 Net income (loss) 3,321,700 2,370,900 (125,500 ) Deductions: Stock dividend (59,100 shares) 255,000 Common shares retired, September 30 (120,000 shares) 225,660 Common stock cash dividends 902,950 711,000 0 Balance at end...
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 $ 6,851,992 $ 5,497,752 $ 5,654,552 Net income (loss) 3,311,700 2,270,900 (156,800 ) Deductions: Stock dividend (34,000 shares) 245,000 Common shares retired, September 30 (130,000 shares) 215,660 Common stock cash dividends 892,950 701,000 0 Balance at end...
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 $ 7,063,292 $ 5,629,052 $ 5,754,552 Net income (loss) 3,321,700 2,370,900 (125,500 ) Deductions: Stock dividend (59,100 shares) 255,000 Common shares retired, September 30 (120,000 shares) 225,660 Common stock cash dividends 902,950 711,000 0 Balance at end...
DEF Corporation has the following share capital and retained earnings balances at December 31, 2018.                          &nb
DEF Corporation has the following share capital and retained earnings balances at December 31, 2018.                                                                                Issued share capital                       2,000,000 common shares                 $ 10,000,000                        Retained earnings                                   90,000,000                                                                        $ 100,000,000 i)If a 5% stock dividend is issued when the shares are trading for $ 10 per share, prepare the journal entry to record the stock dividend ii)If a 2 for 1 stock split is announced, prepare the journal entry to record the stock split. iii)If DEF...
During 2018, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated...
During 2018, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2016 understated by $ 148,000 2017 overstated by 206,000     WMC uses the periodic inventory system and the FIFO cost method. Required: 1-a. Determine the effect of 2016 errors on retained earnings at January 1, 2018, before any adjustments. (Ignore income taxes.) 1-b. Determine the effect of 2017 errors on retained earnings at January 1, 2018, before any adjustments. (Ignore...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2014, 2015, and 2016 ($ in millions) Preferred Stock, $10 par Common Stock, $1 par Additional Paid-in Capital Retained Earnings Total Shareholders' Equity   Balance at January 1, 2014 $ 65 $ 515 $ 1,886 $ 2,466      Sale of preferred shares 9 450 459...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2014, 2015, and 2016 ($ in millions) Preferred Stock, $10 par Common Stock, $1 par Additional Paid-in Capital Retained Earnings Total Shareholders' Equity   Balance at January 1, 2014 $ 65 $ 515 $ 1,886 $ 2,466      Sale of preferred shares 9 450 459...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT