On July 31,2017,Archer,Inc

question 13

Essay

On July 31,2017,Archer,Inc.reported the following information in the equity section of their balance sheet:

Assume that Archer splits its common stock 3-for-1.Prepare an equity section of the balance sheet that shows the effects of the stock split.(Please round all numbers to the nearest cent. )

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Definitions:

Purchases Account

An account used in accounting to track all purchases of goods and materials that a business intends to resell.

Cost Of Goods Purchased

The total expense incurred by a company to buy the goods it has purchased for resale, including shipping and handling fees.

Profit Margin

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold, highlighting the efficiency of a company in managing its operations and costs.

Operating Expenses

Costs incurred during the normal operations of a business, excluding the cost of goods sold.