The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms:
Firm A Firm B Firm C
Total assets, 12/31/16 $417,000 $536,000 $316,000
Total liabilities, 12/31/16 216,000 144,000
Paid-in capital, 12/31/16 75,000 37,000
Retained earnings, 12/31/16 307,000
Net income for 2016 85,000 117,000
Dividends declared and paid during 2016 44,000 9,000 66,000
Retained earnings, 1/1/16 76,000 44,000
Required:
Calculate the missing amounts for each firm.
Answers: 3
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The information presented here represents selected data from the December 31, 2016, balance sheets a...
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