Problem: "Indicate in the space provided the category of each item and the financial statement on which the item can usually be found."
| Description: |
Category |
Financial Statement |
| Accumulated Depreciation |
|
|
| Long term Debt |
|
|
| Equipment |
|
|
| Loss on sale of short term investments |
|
|
| Net Income |
|
|
| Merchandise inventory |
|
|
| Other accrued liabilities |
|
|
| Dividends Paid |
|
|
| Cost of Goods sold |
|
|
| Additional paid in capital |
|
|
| Interest Income |
|
|
| Calculate missing amounts for each firm. |
|
|
|
|
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 |
| Dividents declared and paid during 2010.............. |
12,000 |
? |
16,500 |
| Retained earnings, 1/1/10 ........................................ |
50,000 |
124,000 |
? |