Explanation:
There are only 2 formulas used in to solve the whole question. They are
Firm A
Putting values in Formula 2
Closing Retained Earnings = $75,000 + $102,000 - $18,000 i
= $159,000
Putting Values in formula 1
Total Assets = $120,000 + $82,500 + $159,000
= $361,500
Firm B
Putting values in formula 1
$652,500 = Total Liabilities + $88,500 + $279,000
Total Liabilities = $285,000
Putting Values in Formula 2
$279,000 = $186,000 + $165,000 - Dividends
Dividends = $72,000
Firm C
Putting Values in Formula 1
$780,000 = $307,500 + $210,000 + Closing Retained Earnings
Closing Retained Earnings = $262,500
Putting values in Formula 2
$262,500 = Opening Retained Earnings + $121,500 - $42,000
Opening Retained Earnings = 183,000
Note: Be careful while reading figures in image (with commas)
The information presented here represents selected data from the December 31, 2019, balance sheets and income...
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