Homework Answers
Firm A
Retained earnings, 12/31/19 = Total assets, 12/31/19 - Total liabilities, 12/31/19 - Paid-in capital, 12/31/19
= $402,000 - $223,000 - $88,000
= $91,000
Net income for 2019 = Retained earnings, 12/31/19 + Dividends declared and paid during 2019 - Retained earnings, 1/1/19
= $91,000 + $45,000 - $74,000
= $62,000
Firm B
Paid-in capital, 12/31/19 = Total assets, 12/31/19 - Total liabilities, 12/31/19 - Retained earnings, 12/31/19
= $541,000 - $149,000 - $300,000
= $92,000
Retained earnings, 1/1/19 = Retained earnings, 12/31/19 - Net income for 2019 + Dividends declared and paid during 2019
= $300,000 - $84,000 + $13,000
= $229,000
Firm C
Retained earnings, 12/31/19 = Retained earnings, 1/1/19 + Net income for 2019 - Dividends declared and paid during 2019
= $45,000 + $115,000 - $72,000
= $88,000
Total liabilities, 12/31/19 = Total assets, 12/31/19 - Paid-in capital, 12/31/19 - Retained earnings, 12/31/19
= $322,000 - $44,000 - $88,000
= $190,000
| Firm A | Firm B | Firm C | |
| Total assets, 12/31/19 | $402,000 | $541,000 | $322,000 |
| Total liabilities, 12/31/19 | $223,000 | $149,000 | $190,000 |
| Paid-in capital, 12/31/19 | $88,000 | $92,000 | $44,000 |
| Retained earnings, 12/31/19 | $91,000 | $300,000 | $88,000 |
| Net income for 2019 | $62,000 | $84,000 | $115,000 |
| Dividends declared and paid during 2019 | $45,000 | $13,000 | $72,000 |
| Retained earnings, 1/1/19 | $74,000 | $229,000 | $45,000 |
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The information presented here represents selected data from the December 31, 2019, balance sheets and income...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 $ 391,500 Firm C $ 468,000 184,500 126,000 72,000 49,500 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 53,100 167,400 99,000 61,200 10,800 45,000 72,900 25,200...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 $ 478,500 Firm C $ 572,000 225,500 154,000 88,000 60,500 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 64,900 204,600 121,000 74,800 13,200 55,000 89,100 30,800...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 Firm C $ 572 000 $ 478.500 1 88,000 60,500 225,500 154,000 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 64,900 204,600 121,000 74,800 13,200 55,000...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 $ 261,000 Firm C $ 312,000 123,000 84,000 48,000 33,000 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 35,400 111,600 66,000 40,800 7,200 30,000 48,600 16,800...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 Firm Bock C $ 261.000 $ 312,000 123,000 84,000 48,000 33,000 etences Total assets, 12/31/19 Total abilities, 12/31/19 Pald.in capital 12/31/19 Retained earnings, 12/31/19 Net Income for 2019 Dividends declared and paid during 2019 Retained earings, 1/1/19 35,400 111,600 66,000 48.000 40.800 7.2001...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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. 1.11 Required: Calculate the missing amounts for each firm. points O Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 418,000 $547,000 $ 330,000 Total liablities, 12/31/19 217,000 134,000 194,000 Paid-in capital, 12/31/19 111,000 O 89.000 38,000 Retained earnings, 12/31/19 Net income for 2019 112,000 O 302,000...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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 Firm C $ 676,000 266,500 182,000 104,000 71,500 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 76,700 241,800 143,000 88,400 15,600 65,000 105,300 36,400...
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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. 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. Firm A Firm B Firm C Total assets, 12/31/19 $337,400 $609,000 $728,000 Total liabilities, 12/31/19 112,000 266,000 287,000 Paid-in capital, 12/31/19 77,000...
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
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 $ 391,500 Firm C $ 468,000 184,500 126,000 72,000 49,500 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 53,100 167,400 99,000 61,200 10,800 45,000 72,900 25,200...
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 $ 478,500 Firm C $ 572,000 225,500 154,000 88,000 60,500 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 64,900 204,600 121,000 74,800 13,200 55,000 89,100 30,800...
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 Firm C $ 572 000 $ 478.500 1 88,000 60,500 225,500 154,000 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 64,900 204,600 121,000 74,800 13,200 55,000...
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 $ 261,000 Firm C $ 312,000 123,000 84,000 48,000 33,000 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 35,400 111,600 66,000 40,800 7,200 30,000 48,600 16,800...
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 Firm Bock C $ 261.000 $ 312,000 123,000 84,000 48,000 33,000 etences Total assets, 12/31/19 Total abilities, 12/31/19 Pald.in capital 12/31/19 Retained earnings, 12/31/19 Net Income for 2019 Dividends declared and paid during 2019 Retained earings, 1/1/19 35,400 111,600 66,000 48.000 40.800 7.2001...
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. 1.11 Required: Calculate the missing amounts for each firm. points O Answer is complete but not entirely correct. Firm A Firm B Firm C Total assets, 12/31/19 $ 418,000 $547,000 $ 330,000 Total liablities, 12/31/19 217,000 134,000 194,000 Paid-in capital, 12/31/19 111,000 O 89.000 38,000 Retained earnings, 12/31/19 Net income for 2019 112,000 O 302,000...
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...
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 Firm C $ 676,000 266,500 182,000 104,000 71,500 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 76,700 241,800 143,000 88,400 15,600 65,000 105,300 36,400...
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