Exercise 2-11 (Static) Understanding financial statement relationships LO 2-2, 2-3The 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 liabilities, 12/31/22Paid-in capital, 12/31/22Retained earnings, 12/31/22Net income for 2022Dividends declared and paid during 2022Retained earnings, 1/1/22Firm A$ 405,000295,00042,00018,00026,000$Firm B190,00055,00027,000108,00033,00011,000Firm C$ 202,00030,00071,00024,00044,000

The accounting equation is a mathematical representation of financial transactions. The accounting…

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 $ 405,000 295,000 42,000 18,000 26,000 Firm B $ 190,000 55,000 27,000 108,000 33,000 11,000 Firm C $ 202,000 30,000 71,000 24,000 44,000

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 $ 405,000 295,000 42,000 18,000 26,000 Firm B $ 190,000 55,000 27,000 108,000 33,000 11,000 Firm C $ 202,000 30,000 71,000 24,000 44,000

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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