The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms.
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Required:
Calculate the missing amounts for each firm.
Homework Answers
Firm A :1/1/2016 Retained earning + Net income - Dividend = Retained earning 12/31/16
75,000 + Net income - 48,000 = 114,000
Net Income + 27,000 = 114,000
Net Income = 114,000 - 27,000
Firm A : Net Income = $87,000
Firm B : 1/1/2016 Retained earning + Net income - Dividend = Retained earning 12/31/16
Retained earning + 87,000 - 27,000 = 302,000
Retained earning + 60,000 = 302,000
Retained Earning = 302,000 - 60,000
1/1/2016 Retained earning = $242,000
Firm C: 1/1/2016 Retained earning + Net income - Dividend = Retained earning 12/31/16
46,000 + 117,000 - 64,000 = Retained earning 12/31/16
163,000 - 64,000 = Retained earning 12/31/16
Retained earning 13/31/16 = $99,000
Assets = Liability + paid in capital + Retained earnings 12/31/16
$321,000 = Liability + 46,000 + 99,000
321,000 = Liability + 145,000
Liability = 321,000 - 145,000
Liability = $176,000
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The information presented here represents selected data from the
December 31, 2016, balance sheets and income...
The information presented here represents selected data from the December 31, 2016, balance sheets and income...
The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms. Required Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/16 Total liabilities, 12/31/16 Paid-in capital, 12/31/16 Retained earnings, 12/31/16 Net income for 2016 Dividends declared and paid during 2016 Retained eanings, 1/1/16 $217,500 260,000 102,500 70,000 40,000 27,500 29,500 93,000 55,000 34,000 6,000 25,000 40,500 14,000 62,000
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The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B $ 565,500 Total assets, 12/31/19 Firm C $ 676,000 266,500 182,000 104,000 71,500 Total liabilities, 12/31/19 Paid-in capital, 12/31/19 Retained earnings, 12/31/19 Net income for 2019 Dividends declared and paid during 2019 Retained earnings, 1/1/19 76,700 241,800 143,000 88,400 15,600 65,000 105,300 36,400...
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The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B 348,000 $ Firm C $ 416,000 164,000 64,000 44,000 112,000 Total assets, 12/31/19 Total liabilities, 12/31/19 Paid-in capital, 12/31/19 Retained earnings, 12/31/19 Net income for 2019 Dividends declared and paid during 2019 Retained earnings, 1/1/19 47,200 148,800 88,000 64,800 22,400 9,600 40,000 99,200
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