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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.
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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