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 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 Dividends declared and paid during 2019 Retained earnings, 1/1/19 $ 406,000 $ 538,000 $ 333,000 220,000 138,000 78,000 49,000 311,000 92,000 118,000 43,000 17,000 56,000 75,000 47,000
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