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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In its December 31, 2021 statement of changes in equity, what amount should the firm report as
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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
accumulated profits (retained earnings)? *
2 points
P260,000
P290,000
P370,000
P400,000
Page 5 of 9
E English (Philippines)
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180%
1076 words
10:12 AM
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24/02/2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ec2a3b0-76e6-4229-a474-5739a7ed220d%2Fa60cfa20-f899-4fef-9df6-527676d2bc45%2Fgofo7a_processed.png&w=3840&q=75)
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L. 1 I
• I. 1 I· 2 I. 3 I. 4 I 5 I 6 I 7 I 8 I. 9 I 10 I 11 : i
12 . I 13
· | · 14 : I· 15 : I
16 . 17 . 18
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)? *
2 points
P260,000
P290,000
P370,000
P400,000
Page 5 of 9
E English (Philippines)
D Focus
180%
1076 words
10:12 AM
P3
W
G 4) ENG
24/02/2021
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L. 1 I
• I. 1 I· 2 I. 3 I. 4 I 5 I 6 I 7 I 8 I. 9 I 10 I 11 : i
12 . I 13
· | · 14 : I· 15 : I
16 . 17 . 18
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)? *
2 points
P260,000
P290,000
P370,000
P400,000
Page 5 of 9
E English (Philippines)
D Focus
180%
1076 words
10:12 AM
P3
W
G 4) ENG
24/02/2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ec2a3b0-76e6-4229-a474-5739a7ed220d%2Fa60cfa20-f899-4fef-9df6-527676d2bc45%2Fp6qmtz4_processed.png&w=3840&q=75)
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L. 1 I
• I. 1 I· 2 I. 3 I. 4 I 5 I 6 I 7 I 8 I. 9 I 10 I 11 : i
12 . I 13
· | · 14 : I· 15 : I
16 . 17 . 18
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)? *
2 points
P260,000
P290,000
P370,000
P400,000
Page 5 of 9
E English (Philippines)
D Focus
180%
1076 words
10:12 AM
P3
W
G 4) ENG
24/02/2021
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