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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.
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