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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 Paid-in captal, 12/31/19 220,000 72,000 $ 410,000 $ 546,000 $325,000 139,000 47,000 Retained earnings, 12/31/19 314,000 Net income for 2019 86,000 113,000 Dividends declared and paid during 2019 50,000 28,000 70,000 Retained earnings, 1/1/19 87,000 33,000
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