The information presented here represents selected data from the December 31, 2022, balance sheets and income stateme 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 160,000 110,000 (60,000) 136,000 24,000 100,000 Firm B $ 870,000 $ 118,000 372,000 220,000 248,000 Firm C 310,000 150,000 90,000 50,000 32,000

The information presented here represents selected data from the December 31, 2022, balance sheets and income stateme 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 160,000 110,000 (60,000) 136,000 24,000 100,000 Firm B $ 870,000 $ 118,000 372,000 220,000 248,000 Firm C 310,000 150,000 90,000 50,000 32,000

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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Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous YearAccounts payable $114,240 $102,000Long-term debt 127,200 120,000 Based on this information, what is the amount and percentage of increase or decrease that wouldbe shown on a balance sheet with horizontal analysis?
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a
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