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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 AFirm BFirm C Total assets, 12/31/10$401,000 $531,000$334,000 Total liabilities, 12/31/10222,000 143,000___________ Paid-in capital, 12/31/1085,000[pic]42,000 Retained earnings, 12/31/10[pic]319,000___________ Net income for 2010_________91,000116,000 Dividends declared and paid during 201050,00012,00062,000 Retained earnings, 1/1/1079,000_________35,000 [pic] Calculate the missing amounts for each firm. Firm AFirm BFirm C Total assets, 12/31/10________$261,000$312,000 Total liabilities, 12/31/1048,000114,000123,000 Paid-in capital, 12/31/1033,00035,40084,000 Retained earnings, 12/31/10_______111,600   105000 Net income for 201040,800 66,000   48,600 Dividends declared and paid during 20107,200 ________  16,800      Ã‚  Retained earnings, 1/1/1030,000   74,400   _________   [pic] Garys TV had the following accounts and amounts in its financial statements on December 31, 2010. We will write a custom essay sample on Something or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 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 __________________________________________________ (b) Calculate the total assets at December 31, 2010. Total assets $ __________ c) Calculate the earnings from operations (operating income) for the year ended December 31, 2010. Operating income $ __________ (d) Calculate the net income (or loss) for the year ended December 31, 2010. Net lossNet income $ ___________ (e) What was the average income tax rate for Garys TV for 2010? (Round your answer to 2 decimal places. ) Average income tax rate ________ % (f) If $129,000 of dividends had been declared and paid during the year, what was the January 1, 2010, balance of retained earnings? Retained earnings $ ________