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please explain in depth so i can see how to get there The information presented here represents selected data from the December 31, 2019, balance
please explain in depth so i can see how to get there
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 $ 391,500 Firm C $ 468,000 184,500 126,000 72,000 49,500 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 53,100 167,400 99,000 61,200 10,800 45,000 72,900 25,200 111,600 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 C $ 324,000 Total assets, 12/31/19 Firm A $ 403,000 223,000 85,000 Firm B $ 549,000 144,000 42,000 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, 1/1/19 315,000 79,000 20,000 55,000 69,000 116,000 73,000 33,000Step by Step Solution
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