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
|
$420,000
|
$540,000
|
$325,000
|
|
Total liabilities, 12/31/10
|
215,000
|
145,000
|
?
|
|
Paid-in capital, 12/31/10
|
75,000
|
?
|
40,000
|
|
Retained earnings, 12/31/10
|
?
|
310,000
|
?
|
|
Net income for 2010
|
?
|
83,000
|
113,000
|
|
Dividends declared and paid during 2010
|
50,000
|
19,000
|
65,000
|
|
Retained earnings, 1/1/10
|
78,000
|
?
|
42,000
|
Required:
Calculate the missing amounts for each firm.