Posted: January 24th, 2021

The following three independent sets of financial statements have

1.     The following three independent sets of financial statements have several amounts missing. Complete each set of financial statements by determining the amounts that correspond to the letters.

 

 

Income Statement                                          Set A                     Set B                      Set C

Revenues                                                            $5,320                   $  8,600 $       m

Expenses                                                             a                              g                              2,010

Net income                                                        $   510                   $          h                 $        n

Statement of Owner’s Equity

Beginning balance                                           $1,780                   $15,400                 $   200

Net income                                                        b                            i                               450

Less withdrawals                                              c                              1,000                     o____

Ending balance                                                  $        d                   $16,000                 $        p

Balance Sheet

Total assets                                                        $        e                   $            j                $1,900

Liabilities                                                              $        f                    $  2,000 $1,300

Owner’s equity

Owner’s capital                                                 2,100                     k                              q____

 

Total liabilities and owner’s equity           $2,700                   $            l                 $         r

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