Required: Calculate the missing amounts for each firm. Total assets, 12/31/22 Total liabilities, 12/31/22 Paid-in capital, 12/31/22 Retained earings, 12/31/22 Net income for 2022 Dividends declared and paid during 2022 Retained earnings, 1/1/22 Firm A $ 404,000 214,000 75,000 60,000 79,000 Firm B $546,000 149,000 311,000 78,000 20,000 Firm C $ 326,000 36,000 119,000 74,000 41,000

Required: Calculate the missing amounts for each firm. Total assets, 12/31/22 Total liabilities, 12/31/22 Paid-in capital, 12/31/22 Retained earings, 12/31/22 Net income for 2022 Dividends declared and paid during 2022 Retained earnings, 1/1/22 Firm A $ 404,000 214,000 75,000 60,000 79,000 Firm B $546,000 149,000 311,000 78,000 20,000 Firm C $ 326,000 36,000 119,000 74,000 41,000

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Description: The information presented here represents selected data from the December 31, 2022, balance sheets and income statements for theyear then ended for three firms.Required:Calculate the missing amounts for each firm.Total assets, 12/31/22Total liabilit

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

The information presented here represents selected data from the December 31, 2022, balance sheets and income statements for the
year then ended for three firms.
Required:
Calculate the missing amounts for each firm.
Total assets, 12/31/22
Total liabilities, 12/31/22
Paid-in capital, 12/31/22
Retained eamings, 12/31/22
Net income for 2022
Dividends declared and paid during 2022
Retained earnings, 1/1/22
Firm A
$ 404,000 $
214,000
75,000
60,000
79,000
Firm B
Firm C
546,000 $ 326,000
149.000
311,000
78,000
20,000
36,000
119,000
74,000
41,000

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