Detroit Inc reported the following ($ in thousands) as of December 31, 2021. All accounts have normal balances. Deficit (debit balance in retained earnings)$2,500 Common stock 3,400 Paid-in capital—share repurchase 1,900 Treasury stock (at cost) 220 Paid-in capital—excess of par 30,300 During 2022 ($ in thousands), net income was $9,100; 25% of the treasury stock was resold for $510; cash dividends declared were $700; cash dividends paid were $450. What ($ in thousands) was shareholders' equity as of December 31, 2022?

Shareholder's equity balance on Dec 31, 2021 :- = Common Stock + Paid in capital(excess of Par) +…

Answered: Detroit Inc reported the following ($…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Detroit Inc reported the following ($ in thousands) as of December 31, 2021. All accounts have normal balances.


Deficit (debit balance in retained earnings)	$	2,500
Common stock		3,400
Paid-in capital—share repurchase		1,900
Treasury stock (at cost)		220
Paid-in capital—excess of par		30,300

During 2022 ($ in thousands), net income was $9,100; 25% of the treasury stock was resold for $510; cash dividends declared were $700; cash dividends paid were $450.

What ($ in thousands) was shareholders' equity as of December 31, 2022?

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