The information presented here represents selected data from the December 31, 20

Question

The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three fi Required Calculate the missing amounts for each firm Firm A Firm B Firm C 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 $ 415,000 534,000 $ 323,000 225,000 84,000 134,000 35,000 305,000 92,000 10,000 112,000 59,000 34,000 46,000 85,000

Explanation / Answer

Missing amount :

Firm A Firm B Firm C Total assets, 12/31/16 415000 534000 323000 Total liabilities, 12/31/16 225000 134000 201000 Paid in capital, 12/31/16 84000 95000 35000 Retained earnings, 12/31/16 106000 305000 87000 Net income for 2016 67000 92000 112000 Dividend declared and paid during 2016 46000 10000 59000 Retained earnings 1/1/16 85000 223000 34000

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