Complete each set of financial statements

Assignment Help Financial Accounting

Reference no: EM131204659

Integration of Financial Statements

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

Income Statement Set A Set B Set C

Revenues Expenses	$2,400 (a)	$ (g) 10,000	$ 480 (m)
Net income	$ (b)	$ (h)	$ 296
Statement of retained earnings Beginning balance	$5,800	$48,800	$ 480
Net income Less dividends	(c) 400	3,200 (i)	(n) (o)
Ending balance	$6,180	$ (j)	$ (p)
Balance Sheet Total assets	$ (d)	$60,000	$ (q)
Total liabilities Stockholders' equity: Common stock	$3,200 $1,500	$10,000 $10,000	$ (r) $ 120
Retained earnings	(e)	(k)	560
Total liabilities and stockholders' equity	$ (f )	$ (l)	$1,160

reQUIreD

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

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

Reference no: EM131204659

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