College Accounting Homework Help PLEASE?

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anonymous

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this is a practice exam to help us study for an upcoming test, if you can answer any of these questions, i would really appreciate it :)

This next paragraph applies to the following 2 questions:
At the beginning of the fiscal year, the balance sheet showed assets of $2,250 and owners' equity of $1,000. During the year, assets increased $75 and liabilities decreased $40.

1. Owners' equity at the end of the year totaled:
a) $1,075
b) $1,000
c) $885
d) $1,115

2. Liabilities at the end of the year totaled:
a) $1,210
b) $1,250
c)$1,290
d) $1,000

Use the accounting equation to solve for the missing information for the question marks (?):

There are 3 firms: Firm A, Firm B, Firm C

Firm A info
Total assets December 31, 2008 ~ $250,000
Total liabilities December 31, 2008 ~ $150,000
Paid-in capital December 31, 2008 ~ $5,000
Retained Earnings December 31, 2008 ~ ?
Net Income for 2008 ~ ?
Dividends declared & paid in 2008 ~ $10,000
Retained Earnings January 1, 2008 ~ $78,000

Firm B info
Total assets December 31, 2008 ~ $300,000
Total liabilities December 31, 2008 ~ $75,000
Paid-in capital December 31, 2008 ~ ?
Retained Earnings December 31, 2008 ~ ?
Net Income for 2008 ~ $75,000
Dividends declared & paid in 2008 ~ $20,000
Retained Earnings January 1, 2008 ~ $150,000

Firm C info
Total assets December 31, 2008 ~ $295,000
Total liabilities December 31, 2008 ~ ?
Paid-in capital December 31, 2008 ~ $40,000
Retained Earnings December 31, 2008 ~ $170,000
Net Income for 2008 ~ $130,000
Dividends declared & paid in 2008 ~ ?
Retained Earnings January 1, 2008 ~ $50,000
 
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