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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 $ 325,000 Total assets, 12/31/19 Total liabilities, 12/31/19 Paid-in capital, 12/31/19 Retained earnings, 12/31/19 Net income for 2019 42,000 $ 417,000 $ 546,000 220,000 132,000 77,000 309,000 74,000 53,000 10,000 86,000 117,000 65,000 Dividends declared and paid during 2019 Retained earnings, 1/1/19 34,000
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