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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 capital, 12/31/19 Retained earnings, 12/31/19 Net income for 2019 88,000 60,500 $ 478,500 $ 572,000 225,500 64,900 154,000 204,600 121,000 89,100 30,800 136,400 74,800 Dividends declared and paid during 2019 Retained earnings, 1/1/19 13,200 55,000
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