Business, 15.07.2020 03:01 carmen69

The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms: Firm A Firm B Firm C
Total assets, 12/31/16 $417,000 $536,000 $316,000
Total liabilities, 12/31/16 216,000 144,000
Paid-in capital, 12/31/16 75,000 37,000
Retained earnings, 12/31/16 307,000
Net income for 2016 85,000 117,000
Dividends declared and paid during 2016 44,000 9,000 66,000
Retained earnings, 1/1/16 76,000 44,000

Required:
Calculate the missing amounts for each firm.

Answers: 3

Show answers

Answers

Answer from: DoomydoomGir

Firm A Firm B Firm C

Total assets, 12/31/16 $417,000 $536,000 $316,000

Total liabilities, 12/31/16 216,000 144,000 $184,000

Paid-in capital, 12/31/16 75,000 $85,000 37,000

Retained earnings, 12/31/16 $126,000 307,000 $95,000

Net income for 2016 $94,000 85,000 117,000

Dividends declared and 44,000 9,000 66,000

paid during 2016

Retained earnings, 1/1/16 76,000 $231,000 44,000

Explanation:

Firm A Firm B Firm C

Total assets, 12/31/16 $417,000 $536,000 $316,000

Total liabilities, 12/31/16 216,000 144,000

Paid-in capital, 12/31/16 75,000 37,000

Retained earnings, 12/31/16 307,000

Net income for 2016 85,000 117,000

Dividends declared and 44,000 9,000 66,000

paid during 2016

Retained earnings, 1/1/16 76,000 44,000

we can use the following two basic formulas to determine the missing amounts:

ending balance retained earnings = beginning balance + net income - dividends paid

paid in capital = assets - liabilities - retained earnings

firm A:

417,000 - 216,000 - 75,000 = 126,000

126,000 + 44,000 - 76,000 = 94,000

firm B:

536,000 - 144,000 - 307,000 = 85,000

307,000 - 85,000 + 9,000 = 231,000

firm C:

44,000 + 117,000 - 66,000 = 95,000

316,000 - 37,000 - 95,000 = 184,000

Answer from: Quest

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;

Answer from: Quest

answerdemographic;

Another question on Business

Business, 21.06.2019 21:00

Concrete consulting co. has the following accounts in its ledger: cash; accounts receivable; supplies; office equipment; accounts payable; jason payne, capital; jason payne, drawing; fees earned; rent expense; advertising expense; utilities expense; miscellaneous expense. transactions oct. 1 paid rent for the month, $3,600. 3 paid advertising expense, $1,200. 5 paid cash for supplies, $750. 6 purchased office equipment on account, $8,000. 10 received cash from customers on account, $14,800. 15 paid creditors on account, $7,110. 27 paid cash for miscellaneous expenses, $400. 30 paid telephone bill (utility expense) for the month, $250. 31 fees earned and billed to customers for the month, $33,100. 31 paid electricity bill (utility expense) for the month, $1,050. 31 withdrew cash for personal use, $2,500. journalize the following selected transactions for october 2019 in a two-column journal. refer to the chart of accounts for exact wording of account titles

Answers: 2

Answer

Business, 22.06.2019 12:50

Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false

Answers: 3

Answer

Business, 22.06.2019 21:10

Your family business uses a secret recipe to produce salsa and distributes it through both smaller specialty stores and chain supermarkets. the chain supermarkets have been demanding sizable discounts, but you do not want to drop your prices to the specialty stores. true or false: the robinson-patman act limits your ability to offer discounts to the chain supermarkets while leaving the price high for the smaller stores. true false

Answers: 3

Answer

Business, 22.06.2019 21:40

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.

Answers: 3

Answer

You know the right answer?

The information presented here represents selected data from the December 31, 2016, balance sheets a...

Questions