Selected information from the accounts of Arch Inc. on December 31, 2021 reveals that the total income since incorporation is $42,000; the total cash dividends paid is $13,000; the total value of property dividends distributed is $3,000; and the excess of proceeds over cost of treasury shares sold is $11,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?
Selected information from the accounts of Arch Inc. on December 31, 2021 reveals that the total income since incorporation is $42,000; the total cash dividends paid is $13,000; the total value of property dividends distributed is $3,000; and the excess of proceeds over cost of treasury shares sold is $11,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?
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 Arch Inc. on December 31, 2021 reveals that the total income since incorporation is $42,000; the total cash dividends paid is $13,000; the total value of property dividends distributed is $3,000; and the excess of proceeds over cost of treasury shares sold is $11,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?
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