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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 $ 410,000 $ 531,000 $ 315,000 218,000 131,000 Paid-in capital, 12/31/19 79,000 47,000 Retained earnings, 12/31/19 311,000 Net income for 2019 74,000 113,000 Dividends declared and paid during 2019 45,000 19,000 61,000 Retained earnings, 1/1/19 84,000 42,000
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