Question

Balance sheets and income statements

the information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year end for three firms. Calculatethe missing amounts for each firm

Total Assets 12/31/2010 ? 435,000 155,000
Total Liabilities 12/31/2010 80,000 ? 75,000
Paid in Capital 12/31/2010 55,000 59,000 45,000
Retained earnings 12/31/2010 ? 186,000 ?
Net income for 2010 68,000 110,000 25,500
Dividens declared and pd duringn 2010 12,000 ? 16,500
Retained earning, 01/01/10 50,000 124,000 ?

Expert Solution