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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
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 $ 417,000 $ 537,000 $ 322,000 Total liabilities, 12/31/19 211,000 135,000 Paid-in capital, 12/31/19 77,000 38,000 Retained earnings, 12/31/19 300,000 Net income for 2019 79,000 116,000 Dividends declared and paid during 2019 52,000 25,000 65,000 Retained earnings, 1/1/19 72,000 52,000
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