Problem: 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
Tota1 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 25,5000
Dividends declared and paid during 2010...12,000 ? 16,5000
Retained earnings, 1/1/10........................ 50,000 124,000 ?
Calculate the missing amounts for each firm.