calculate the missing amounts for each firm 636865
Understanding financial statement relationships The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms:
Firm A |
Firm B |
Firm C |
|
Total assets, 12/31/10 |
$420,000 |
$540,000 |
$325,000 |
Total liabilities, 12/31/10 |
215,000 |
145,000 |
? |
Paid in capital, 12/31/10 |
75,000 |
? |
40,000 |
Retained earnings, 12/31/10 |
? |
310,000 |
? |
Net income for 2010 |
? |
83,000 |
113,000 |
Dividends declared and paid during 2010 |
50,000 |
19,000 |
65,000 |
Retained earnings, 1/1/10 |
78,000 |
? |
42,000 |
Required:
Calculate the missing amounts for each firm.