Accounting: What the Numbers Mean
Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Chapter 2, Problem 2.10E

Exercise 2.10

LO 2 , 3

Understanding financial statement relationships 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:

    Firm A Firm B Firm C
    Total assets, 12/31/16 ? $435,000 S 155,000
    Total liabilities, 12/31/16 $8o,ooo ? 75,000
    Paid-in capital, 12/31/16 55,000 59,000 45,000
    Retained earnings, 12/31/16 ? 186,000 ?
    Net income for 2016 68,000 110,000 25,000
    Dividends declared and paid during 2016 12,000 ? 16,000
    Retained earnings, 1/1/16 50,000 124,000 ?

Required:

Calculate the missing amounts for each firm.

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