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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
Firm A | Firm B | Firm C | |
Total assets | 482,000 | 870,000 | 310,000 |
Total liabilities | 160,000 | 150,000 | |
Paid-in capital | 110,000 | 118,000 | 90,000 |
Retained earnings | 212,000 | 372,000 | |
Net income | 136,000 | 220,000 | 51,000 |
Dividends declared and paid during 2013 | 24,000 | 33,000 | |
Retained earnings | 100,000 | 248,000 |
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