Chapter 2, Problem 2.9E

Exercise 2.9

LQ 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	$210,000	$270,000	$162,000
Total liabilities, 12/31/16	108,000	72,000	?
Paid-in capital, 12/31/16	37,000	?	20,000
Retained earnings, 12/31/16	?	155,000	?
Net income for 2016	?	41,000	56,000
Dividends declared and paid during 2016	25,000	9,000	32,000
Retained earnings, 1/1/16	39,000	?	21,000

Required:

Calculate the missing amounts for each firm.