he information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the ear then ended for three firms. required: Calculate the missing amounts for each firm. Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 417,000 $536,000 $ 328,000 Total liabilities, 12/31/19 209,000 132,000 195,000 O Paid-in capital, 12/31/19 85,000 88,000 O 43,000 123,000 O 15,000 X Retained earnings, 12/31/19 316,000 90,000 Net income for 2019 93,000 111,000 Dividends declared and paid during 2019 57,000 21,000 69,000 Retained earnings, 1/1/19 81,000 38,800 X 48,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

hello, just need help with the two in red 

The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the
rear then ended for three firms.
Required:
Calculate the missing amounts for each firm.
Answer is complete but not entirely correct.
Firm A
Firm B
Firm C
Total assets, 12/31/19
$ 417,000
$536,000
$ 328,000
Total liabilities, 12/31/19
209,000
132,000
195,000
Paid-in capital, 12/31/19
85,000
88,000
43,000
Retained earnings, 12/31/19
123,000
316,000
90,000
Net income for 2019
15,000 X
93,000
111,000
Dividends declared and paid during 2019
57,000
21,000
69,000
Retained earnings, 1/1/19
81,000
38,800 X
48,000
1 of 4
Next >
Prev
Transcribed Image Text:The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the rear then ended for three firms. Required: Calculate the missing amounts for each firm. Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 417,000 $536,000 $ 328,000 Total liabilities, 12/31/19 209,000 132,000 195,000 Paid-in capital, 12/31/19 85,000 88,000 43,000 Retained earnings, 12/31/19 123,000 316,000 90,000 Net income for 2019 15,000 X 93,000 111,000 Dividends declared and paid during 2019 57,000 21,000 69,000 Retained earnings, 1/1/19 81,000 38,800 X 48,000 1 of 4 Next > Prev
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Avoiding and Correcting Credit Mistakes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education