Selected information from the accounts of Colossians Co. at December 31, 2021 reveals that the total income since incorporation is P420,000; the total cash dividends paid is P130,000; the total value of property dividends distributed is P30,000; and the excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)? * a.P260,000 b.P290,000 c.P370,000 d.P400,000
Selected information from the accounts of Colossians Co. at December 31, 2021 reveals that the total income since incorporation is P420,000; the total cash dividends paid is P130,000; the total value of property dividends distributed is P30,000; and the excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)? * a.P260,000 b.P290,000 c.P370,000 d.P400,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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Selected information from the accounts of Colossians Co. at December 31, 2021 reveals that the
total income since incorporation is P420,000;
the total cash dividends paid is P130,000;
the total value of property dividends distributed is P30,000;
and the excess of proceeds over cost of treasury shares sold is P110,000.
In its December 31, 2021 statement of changes in equity, what amount should the firm report as
a.P260,000
b.P290,000
c.P370,000
d.P400,000
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