In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)? AutoSaveINTAC P...P SearchSign in困FileHomeInsertDesignLayoutReferencesMailingsReviewViewHelpA ShareP CommentsX Cut6 -- A A Aa v AO FindAaBbCcDc AaBbCcDc AaBbC AaBbCcC AaB AaBbCcc AaBbCcD1 Normal T No Spac. Heading 1HelveticaLG Copy& ReplacePasteBIU - ab x, x A - er AvHeading 2TitleSubtitleSubtle Em. -S Format PainterA Select vClipboardFontParagraphStylesEditingL. 1 I• I. 1 I· 2 I. 3 I. 4 I 5 I 6 I 7 I 8 I. 9 I 10 I 11 : i12 . I 13· | · 14 : I· 15 : I16 . 17 . 18Selected information from the accounts of Colossians Co. at December 31, 2021reveals that the total income since incorporation is P420,000; the total cash dividendspaid is P130,000; the total value of property dividends distributed is P30,000; and theexcess 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 asaccumulated profits (retained earnings)? *2 pointsP260,000P290,000P370,000P400,000Page 5 of 9E English (Philippines)D Focus180%1076 words10:12 AMP3WG 4) ENG24/02/2021 AutoSaveINTAC P...P SearchSign in困FileHomeInsertDesignLayoutReferencesMailingsReviewViewHelpA ShareP CommentsX Cut6 -- A A Aa v AO FindAaBbCcDc AaBbCcDc AaBbC AaBbCcC AaB AaBbCcc AaBbCcD1 Normal T No Spac. Heading 1HelveticaLG Copy& ReplacePasteBIU - ab x, x A - er AvHeading 2TitleSubtitleSubtle Em. -S Format PainterA Select vClipboardFontParagraphStylesEditingL. 1 I• I. 1 I· 2 I. 3 I. 4 I 5 I 6 I 7 I 8 I. 9 I 10 I 11 : i12 . I 13· | · 14 : I· 15 : I16 . 17 . 18Selected information from the accounts of Colossians Co. at December 31, 2021reveals that the total income since incorporation is P420,000; the total cash dividendspaid is P130,000; the total value of property dividends distributed is P30,000; and theexcess 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 asaccumulated profits (retained earnings)? *2 pointsP260,000P290,000P370,000P400,000Page 5 of 9E English (Philippines)D Focus180%1076 words10:12 AMP3WG 4) ENG24/02/2021

Retained earnings (RE) or accumulated profits are the cumulative portions of the income of a…

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)? * 2 points P260,000 P290,000 P370,000 P400,000

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)? * 2 points P260,000 P290,000 P370,000 P400,000

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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Accounting Question
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