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

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 accumulated profits (retained eamings)? P260,000 P290,000 P370,000 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
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