Use the accounting equation to solve for the missing information

Firm A:

     A   =        L      +      PIC    + ( Beg. RE  +     NI      -    DIV    = End. RE )

$   ?   = $80,000  +  $55,000 + ( $50,000   +  68,000  - $12,000 =        ?      )

In this case, the ending balance of retained earnings must be determined first:

$50,000 + $68,000 - $12,000 = End. RE.

Retained earnings, 12/31/10 = $106,000

Once the ending balance of retained earnings is known, total assets can be determined:

A = $80,000 + $55,000 + $106,000

Total assets, 12/31/10 = $241,000