Understanding financial statement relationships The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms:
|
Firm A |
Firm B |
Firm C |
|
|
Total assets, 12/31/10 |
$420,000 |
$540,000 |
$325,000 |
|
Total liabilities, 12/31/10 |
215,000 |
145,000 |
? |
|
Paid in capital, 12/31/10 |
75,000 |
? |
40,000 |
|
Retained earnings, 12/31/10 |
? |
310,000 |
? |
|
Net income for 2010 |
? |
83,000 |
113,000 |
|
Dividends declared and paid during 2010 |
50,000 |
19,000 |
65,000 |
|
Retained earnings, 1/1/10 |
78,000 |
? |
42,000 |
Required:
Calculate the missing amounts for each firm.