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Calculate the missing amounts for each firm Firm a Firm b Total assets, 12/31/16 $403,000 $534,000 $334,000 Total liabilities, 12/31/16 207,000 141,000 Paid-in capital, 12/31/16
Calculate the missing amounts for each firm
Firm a | Firm b | ||
Total assets, 12/31/16 | $403,000 | $534,000 | $334,000 |
Total liabilities, 12/31/16 | 207,000 | 141,000 | |
Paid-in capital, 12/31/16 | 87,000 | 45,000 | |
Retained earnings, 12/31/16 | 307,000 | ||
Net income for 2016 | 87,000 | 117,000 | |
Dividends declared and paid during 2016 | 53,000 | 23,000 | 73,000 |
Retained earnings, 1/1/16 | 69,000 | 42,000 |
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