Problem: "Indicate in the space provided the category of each item and the financial statement on which the item can usually be found."
Description: |
Category |
Financial Statement |
Accumulated Depreciation |
|
|
Long term Debt |
|
|
Equipment |
|
|
Loss on sale of short term investments |
|
|
Net Income |
|
|
Merchandise inventory |
|
|
Other accrued liabilities |
|
|
Dividends Paid |
|
|
Cost of Goods sold |
|
|
Additional paid in capital |
|
|
Interest Income |
|
|
Calculate missing amounts for each firm. |
|
|
|
|
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 |
Dividents declared and paid during 2010.............. |
12,000 |
? |
16,500 |
Retained earnings, 1/1/10 ........................................ |
50,000 |
124,000 |
? |