Calculate the missing amounts for each firm.


Question Description:

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Calculate the missing amounts for each firm. 2 answers below » 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: View complete question » 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 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. View less » Jul 08 2014 12:38 PM

Answer

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