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 earnings, 12/31/22 Net income for 2022 Dividends declared and paid during 2022 Retained earnings, 1/1/22 Firm A $ 404,000 219,000 85,000 59,000 75,000 Firm B $ 545,000 $ 139,000 315,000 77,000 15,000 Firm C 326,000 30,000 112,000 61,000 38,000

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 earnings, 12/31/22 Net income for 2022 Dividends declared and paid during 2022 Retained earnings, 1/1/22 Firm A $ 404,000 219,000 85,000 59,000 75,000 Firm B $ 545,000 $ 139,000 315,000 77,000 15,000 Firm C 326,000 30,000 112,000 61,000 38,000

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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