the information presented here represents selected data from the December 31, 20
ID: 2354282 • Letter: T
Question
the information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year end for three firms. Calculate the missing amounts for each firmTotal 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 ?
Explanation / Answer
total assets, 12/31/10
241,000
435,000
155,000
total liabilities, 12/31/10
80,000
190,000
75,000
paid in capital, 12/31/10
55,000
59,000
45,000
retained earnings, 12/31/10
106,000
186,000
35,000
net income for 2010
68,000
110,000
25,500
dividends
12,000
48,000
16,500
retained earnings, 1/1/10
50,000
124,000
26,000
total assets, 12/31/10
241,000
435,000
155,000
total liabilities, 12/31/10
80,000
190,000
75,000
paid in capital, 12/31/10
55,000
59,000
45,000
retained earnings, 12/31/10
106,000
186,000
35,000
net income for 2010
68,000
110,000
25,500
dividends
12,000
48,000
16,500
retained earnings, 1/1/10
50,000
124,000
26,000
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