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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. Total assets, 12/31/22 Total liabilities, 12/31/22 Paid-in capital, 12/31/22 Retained earnings, 12/31/22 Net income for 2022 Dividends declared and paid during 2022 Retained earnings, 1/1/22 Firm A 48,000 33,000 40,800 7,200 30,000 Firm B $ 261,000 $ 35,400 111,600 66,000 74,400 Firm C 312,000 123,000 84,000 48,600 16,800
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