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The information presented here represents selected data from the December 31, 2016, balance sheets and inco statements for the year then ended for three firms.

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The information presented here represents selected data from the December 31, 2016, balance sheets and inco statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Total assets, 12/31/16 Total liabilities, 12/31/16 Paid-in capital, 12/31/16 Retained earnings, 12/31/16 Net income for 2016 Dividends declared and paid during 2016 Retained earnings, 1/1/16 96,000 66,000 156,000 81,600 14,400 60,000 Firm B Firm C $ 522,000 $ 624,000 246,000 70,800 168,000 223,200 132,000 97,200 33,600 148,800

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