Business, 15.07.2020 03:01 carmen69

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: Firm A Firm B Firm C
Total assets, 12/31/16 $417,000 $536,000 $316,000
Total liabilities, 12/31/16 216,000 144,000
Paid-in capital, 12/31/16 75,000 37,000
Retained earnings, 12/31/16 307,000
Net income for 2016 85,000 117,000
Dividends declared and paid during 2016 44,000 9,000 66,000
Retained earnings, 1/1/16 76,000 44,000

Required:
Calculate the missing amounts for each firm.

Answers: 3

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Answer from: DoomydoomGir

Firm A Firm B Firm C

Total assets, 12/31/16 $417,000 $536,000 $316,000

Total liabilities, 12/31/16 216,000 144,000 $184,000

Paid-in capital, 12/31/16 75,000 $85,000 37,000

Retained earnings, 12/31/16 $126,000 307,000 $95,000

Net income for 2016 $94,000 85,000 117,000

Dividends declared and 44,000 9,000 66,000

paid during 2016

Retained earnings, 1/1/16 76,000 $231,000 44,000

Explanation:

Firm A Firm B Firm C

Total assets, 12/31/16 $417,000 $536,000 $316,000

Total liabilities, 12/31/16 216,000 144,000

Paid-in capital, 12/31/16 75,000 37,000

Retained earnings, 12/31/16 307,000

Net income for 2016 85,000 117,000

Dividends declared and 44,000 9,000 66,000

paid during 2016

Retained earnings, 1/1/16 76,000 44,000

we can use the following two basic formulas to determine the missing amounts:

ending balance retained earnings = beginning balance + net income - dividends paid

paid in capital = assets - liabilities - retained earnings

firm A:

417,000 - 216,000 - 75,000 = 126,000

126,000 + 44,000 - 76,000 = 94,000

firm B:

536,000 - 144,000 - 307,000 = 85,000

307,000 - 85,000 + 9,000 = 231,000

firm C:

44,000 + 117,000 - 66,000 = 95,000

316,000 - 37,000 - 95,000 = 184,000

Answer from: Quest

His ballance should be $65

Answer from: Quest

answer; property tax payment made in july and december;

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