me information presented here represents selected data from the December 31, 2016, balances nded for three firms. equired: alculate the missing amounts for each firm. Total assets, 12/31/16 Total liabilities, 12/31/16 Paid-in capital, 12/31/16 Retained earnings 12/31/ Firm A $ 412,000 217,000 83,000 113.000 Firm B $543,000 148,000 95,000 300.000 Firm C $317,000, 37,000

me information presented here represents selected data from the December 31, 2016, balances nded for three firms. equired: alculate the missing amounts for each firm. Total assets, 12/31/16 Total liabilities, 12/31/16 Paid-in capital, 12/31/16 Retained earnings 12/31/ Firm A $ 412,000 217,000 83,000 113.000 Firm B $543,000 148,000 95,000 300.000 Firm C $317,000, 37,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 firms.
Required:
Calculate the missing amounts for each firm.
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
Firm A
$ 412,000
217,000
83,000
112,000
78,000
43,000
77,000
Firm B
$ 543,000
148,000
95,000
300,000
74,000
13,000
Firm C
$ 317,000
37,000
120,000
71,000
32,000
A
14
D
Y

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