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Asset and Liability problems:
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. Calculate the missing amounts for each firm. Firm A Firm B Firm C
Total assets, 12/31/10 $401,000 $531,000 $334,000
Total liabilities, 12/31/10 222,000 143,000 ___________
Paid-in capital, 12/31/10 85,000 [pic] 42,000
Retained earnings, 12/31/10 [pic] 319,000 ___________
Net income for 2010 _________ 91,000 116,000
Dividends declared and paid during 2010 50,000 12,000 62,000
Retained earnings, 1/1/10 79,000 _________ 35,000
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Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/10 ________ $261,000 $312,000 Total liabilities, 12/31/10 48,000 114,000 123,000 Paid-in capital, 12/31/10 33,000 35,400 84,000 Retained earnings, 12/31/10 _______ 111,600 105000 Net income for 2010 40,800 66,000 48,600 Dividends declared and paid during 2010 7,200 ________ 16,800 Retained earnings, 1/1/10 30,000 74,400 _________
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Gary's TV had the following accounts and amounts in its financial statements on December 31, 2010. Assume that all balance sheet items reflect account balances at December 31, 2010, and that all income statement items reflect activities that occurred during the year then ended.
____________________ Interest expense $ 9,000 Paid-in capital 80,000 Accumulated depreciation 6,000 Notes payable (long-term) 280,000 Rent expense 16,000 Merchandise inventory 164,000 Accounts receivable 48,000 Depreciation expense 3,000 Land 35,000 Retained earnings 225,000 Cash 36,000 Cost of goods sold 394,000 Equipment 18,000 Income tax expense 60,000 Accounts payable 26,000 Sales revenue 620,000
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(b) Calculate the total assets at December 31,
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. Calculate the missing amounts for each firm. Firm A Firm B Firm C
Total assets, 12/31/10 $401,000 $531,000 $334,000
Total liabilities, 12/31/10 222,000 143,000 ___________
Paid-in capital, 12/31/10 85,000 [pic] 42,000
Retained earnings, 12/31/10 [pic] 319,000 ___________
Net income for 2010 _________ 91,000 116,000
Dividends declared and paid during 2010 50,000 12,000 62,000
Retained earnings, 1/1/10 79,000 _________ 35,000
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Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/10 ________ $261,000 $312,000 Total liabilities, 12/31/10 48,000 114,000 123,000 Paid-in capital, 12/31/10 33,000 35,400 84,000 Retained earnings, 12/31/10 _______ 111,600 105000 Net income for 2010 40,800 66,000 48,600 Dividends declared and paid during 2010 7,200 ________ 16,800 Retained earnings, 1/1/10 30,000 74,400 _________
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Gary's TV had the following accounts and amounts in its financial statements on December 31, 2010. Assume that all balance sheet items reflect account balances at December 31, 2010, and that all income statement items reflect activities that occurred during the year then ended.
____________________ Interest expense $ 9,000 Paid-in capital 80,000 Accumulated depreciation 6,000 Notes payable (long-term) 280,000 Rent expense 16,000 Merchandise inventory 164,000 Accounts receivable 48,000 Depreciation expense 3,000 Land 35,000 Retained earnings 225,000 Cash 36,000 Cost of goods sold 394,000 Equipment 18,000 Income tax expense 60,000 Accounts payable 26,000 Sales revenue 620,000
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(b) Calculate the total assets at December 31,