Question: The information presented here represents selected data from the December 31, 2022, balance sheets and income statements for the year then ended for three firms:

The information presented here represents selected data from the December 31, 2022, balance sheets and income statements for the year then ended for three firms:

Total assets, 12/31/22... Total liabilities, 12/31/22. . . .. Paid-in capital, 12/31/22.

Required:
Calculate the missing amounts for each firm.

Total assets, 12/31/22... Total liabilities, 12/31/22. . . .. Paid-in capital, 12/31/22. . . Retained earnings, 12/31/22 Net income for 2022.. Dividends declared and paid during 2022 Retained earnings, 1/1/22. . Firm A ? $160,000 110,000 ? 136,000 24,000 100,000 Firm B $870,000 ? 118,000 372,000 220,000 ? 248,000 Firm C $310,000 150,000 90,000 ? 50,000 32,000 ?

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