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The information presented here represents selected data from the December 31, 2022, balance sheets and income statements for the year then ended for three firms.
The information presented here represents selected data from the December 31, 2022, 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, 12/31/22 $ 217,500 $ 260,000 Total liabilities, 12/31/22 40,000 102,500 Paid-in capital, 12/31/22 27,500 29,500 70,000 Retained earnings, 12/31/22 93,000 Net income for 2022 34,000 55,000 40,500 Dividends declared and paid during 2022 6,000 14,000 Retained earnings, 1/1/22 25,000 62,000
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