The following three independent sets of financial statements have several amounts missing:

Required
1. Complete each set of financial statements by determining the amounts that correspond to the letters.
2. Why is it necessary to prepare the income statement prior to the balance sheet?
Curious if you got the right answer? Look at the Check Figures section that precedes Chapter1.

Transcribed Image Text:

Set C S5,320 S 8,600 S m 2,010 510 SSn Set A Set B Income Statement Revenucs Expenses Net income Statement of Owner's Equity Beginning balance Net income Less withdrawals Ending balance Balance Sheet Toral assets Liabilities Owner's cqiy Owners capital Toal liabilities and owner's equity S2,700S 1,780 S15,400 200 1,000 0 Sd $16,000 S P S1.900 2,100 1