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# How to calculate missing amounts on balance sheets and income statements?

Topic: Mba statement
June 25, 2019 / By Ascelina
Question: The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/2013 \$412,000 532,000 324,000 Total Liabilities12/31/2013 215,000 138,000 ? Paid in Capital 12/31/2013 87,000 ? 37,000 Retained Earnings12/31/2013 ? 319,000 ? Net Income for 2013 ? 88,000 111,000 Dividends declared& paid during 2013 56,000 17,000 58,000 Retained Earnings, 1/11/2013 86,000 ? 43,000 I JUST STARTED MY MBA AND TRANSITIONING FROM SOCIAL WORK. PLEASE PROVIDE STEP BY STEP DIRECTIONS ON FORMULAS AND HOW ITS CALCULATED, SO THAT I CAN COMPLETE FUTURE QUESTIONS LIKE THIS INDEPENDENTLY. THANKS I APPRECIATE IT

## Best Answers: How to calculate missing amounts on balance sheets and income statements?

Zefania | 6 days ago
Firm A Firm B Firm C Total assets, 12/31/2013 .......\$412,000 ......532,000 ...324,000 Total Liabilities12/31/2013 .......215,000 ......138,000 ...176,000* Paid in Capital 12/31/2013 .........87,000 ........85,000** ...37,000 Retained Earnings12/31/2013 ..110,000*** .319,000 .....96,000**** Net Income for 2013 ........ ...... ....80,000*****. 88,000 ...111,000 Dividends d& paid during 2013 ..56,000 ...... ..17,000 .....58,000 Retained Earnings, 1/11/2013 ....86,000 ........17,000 .....43,000 *\$324,000 - 37,000 - 111,000 = \$176,000 **\$532,000 - 145,000 - 302,000 = \$85,000 ***\$412,000 - 215,000 - 87,000 = \$110,000 ****\$111,000 + 43,000 - 58,000 = \$96,000 *****\$110,000 + 56,000 - 86,000 = \$80,000
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