Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall

Exercise 20

Understanding financial statement relationships The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms:

	Firm A	Firm B	Firm C
Total assets, 12/31/10	?	$435,000	$155,000
Total liabilities, 12/31/10	$80,000	?	75,000
Paid-in capital, 12/31/10	55,000	59,000	45,000
Retained earnings, 12/31/10	?	186,000	?
Net income for 2010	68,000	110,000	25,500
Dividends declared and paid during 2010	12,000	?	16,500
Retained earnings, 1/1/10	50,000	124,000	?

Required:

Calculate the missing amounts for each firm.