he information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the ear then ended for three firms. required: Calculate the missing amounts for each firm. Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 417,000 $536,000 $ 328,000 Total liabilities, 12/31/19 209,000 132,000 195,000 O Paid-in capital, 12/31/19 85,000 88,000 O 43,000 123,000 O 15,000 X Retained earnings, 12/31/19 316,000 90,000 Net income for 2019 93,000 111,000 Dividends declared and paid during 2019 57,000 21,000 69,000 Retained earnings, 1/1/19 81,000 38,800 X 48,000
he information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the ear then ended for three firms. required: Calculate the missing amounts for each firm. Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 417,000 $536,000 $ 328,000 Total liabilities, 12/31/19 209,000 132,000 195,000 O Paid-in capital, 12/31/19 85,000 88,000 O 43,000 123,000 O 15,000 X Retained earnings, 12/31/19 316,000 90,000 Net income for 2019 93,000 111,000 Dividends declared and paid during 2019 57,000 21,000 69,000 Retained earnings, 1/1/19 81,000 38,800 X 48,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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hello, just need help with the two in red
Transcribed Image Text:The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the
rear then ended for three firms.
Required:
Calculate the missing amounts for each firm.
Answer is complete but not entirely correct.
Firm A
Firm B
Firm C
Total assets, 12/31/19
$ 417,000
$536,000
$ 328,000
Total liabilities, 12/31/19
209,000
132,000
195,000
Paid-in capital, 12/31/19
85,000
88,000
43,000
Retained earnings, 12/31/19
123,000
316,000
90,000
Net income for 2019
15,000 X
93,000
111,000
Dividends declared and paid during 2019
57,000
21,000
69,000
Retained earnings, 1/1/19
81,000
38,800 X
48,000
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