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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 $ 405,000 $ 190,000 $202,000 Total liabilities, 12/31/22 295,000 55,000 Paid-in capital, 12/31/22 42,000 30,000 Retained earnings, 12/31/22 108,000 Net income for 2022 33,000 71,000 Dividends declared and paid during 2022 18,000 11,000 24,000 Retained earnings, 1/1/22 26,000 44,000
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