Solution-In what order is it necessary to prepare financial

In what order is it necessary to prepare financial statement

Assignment Help Financial Accounting

Reference no: EM13884477

Integration of Financial Statements

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

Income Statement Set A Set B Set C

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 owner's equity
Beginning balance	$5,800	$48,800	$ 480
Net income Less withdrawals	(c) 400	3,200 (i)	(n) (o)
Ending balance	$6,180	$ (j)	$ (p)
Balance Sheet
Total assets	$ (d)	$60,000	$ (q)
Total liabilities Owner's capital	$3,200 (e)	$10,000 (k)	$ (r) 560
Total liabilities and owner's 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: EM13884477

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In what order is it necessary to prepare financial statement

Reference no: EM13884477

Reference no: EM13884477

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