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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
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 $ 409,000 $ 541,000 $ 324,000 Total liabilities, 12/31/22 207,000 132,000 Paid-in capital, 12/31/22 75,000 49,000 Retained earnings, 12/31/22 303,000 Net income for 2022 75,000 118,000 Dividends declared and paid during 2022 46,000 21,000 56,000 Retained earnings, 1/1/22 77,000 46,000
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