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 |
? |
$435,000 |
$155,000 |
|
Total liabilities, 12/31/10 |
$80,000 |
? |
75,000 |
|
Paid in capital, 12/31/10 |
55,000 |
59,000 |
45,000 |
|
Retained earnings, 12/31/10 |
? |
186,000 |
? |
|
Net income for 2010 |
68,000 |
110,000 |
25,500 |
|
Dividends declared and paid during 2010 |
12,000 |
? |
16,500 |
|
Retained earnings, 1/1/10 |
50,000 |
124,000 |
? |
Required:
Calculate the missing amounts for each firm.