Question: The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms.

The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C $ 324,000 $ 419,000 $ 542,000 224,000 139,000 Total assets, 12/31/19 Total liabilities, 12/31/19 Paid-in capital, 12/31/19 Retained earnings, 12/31/19 Net income for 2019 85,000 44,000 305,000 82,000 21,000 52,000 Dividends declared and paid during 2019 Retained earnings, 1/1/19 117,000 64,000 52,000 86,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
