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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?
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