Three independent sets of financial statements with several amounts missing follow.

Required

1. Complete each set of financial statements by determining the amounts that correspond to the letters.

2. In what order is it necessary to prepare the financial statements and why?

Transcribed Image Text:

Set C Income Statement Set A Set B $ (g) $ 480 (m) $2,400 Revenues Expenses (a) 10,000 $ (b) $ 296 (h) Net income Statement of Owner's Equity Beginning balance $ 480 $5,800 $48,800 (c) (n) Net income 3,200 Less withdrawals (1) 400 (0) $ (p) Ending balance $6,180 () Balance Sheet $ (d) $ (q) $ (r) Total assets $60,000 Total liabilities $3,200 $10,000 Owner's capital Total liabilities and owner's equity (k) (e) 560 (f) (1) $1,160