The following three independent sets of financial statements have several amount

Question

The following three independent sets of financial statements have several amounts missing Income Statement Revenues Expenses Net income Statement of Owner's Equity Beginning balance Net income Less withdrawals Ending balance Balance Sheet Total assets Total liabilities Owner's capital Total liabilities and owner's equity 1. Complete each set of financial statements by determining the amounts that correspond to the letters. If an answer is zero, enter"O Set A Set B Set C $ (o) $240 5,200 (m) (h) $ 80 $1,100 s (b) $2,900 $24,400 340 1,600 200 $3,000 $(d) $31,000$(q) $1,600 5,000 (k) 380 () 380

Explanation / Answer

Income statement Set A Set B Set C Revenues $1,100 (g) = $6,800 $240 Expenses (a) = $800 $5,200 (m) = $160 Net Income (b) = $300 (h) = $1,600 $ 80 Statement of Owner's Equity Beginning balance $2,900 $ 24,400 $ 340 Net Income (c) = $300 $1,600 (n) = $80 Less: Withdrawals $200 (i) = $0 (o) = $40 Ending balance $ 3,000 (j) = $26,000 (p) = $380 Balancesheet Total assets (d) = $4,600 $31,000 (q) = $380 Total liabilities $1,600 $ 5,000 (r) = $0 Owner's capital (e) = $3,000 (k) = $26,000 $ 380 Total liabilities and owner's equity (f) = $4,600 (l) = $31,000 $ 380 Workings: Set A (b) , (c) Net Income: Ending balance = Beginning balance + Net Income - Withdrawals $3,000 = $2,900 + (c) - $200 (c) = $300 (a) Expenses Revenues - Expenses = Net Income $1,100 - (a) = $300 (a) = $800 (e) Owner's capital Ending balance of Owner's equity = Owner's capital (e) = $3,000 (f) Total liabilities and owner's equity Total liabilities and owner's equity = Total liabilities + owner's capital (f) = $1,600 + $3,000 (f) = $4,600 (d) Total assets Total assets = Total liabilities and owner's equity (d) = $4,600 Set B Net income = (h) (h) = $1,600 (g) Revenues Revenues - Expenses = Net Income (g) - $5,200 = $1,600 (g) = $6,800 (l) Total liabilities and owner's equity Total assets = Total liabilities and owner's equity (l) = $31,000 (k) Owner's Equity Total liabilities and owner's equity = Total liabilities + owner's capital $5,000 + (k) = $31,000 (k) = $26,000 (j) Ending balance of Owner's equity Ending balance of Owner's equity = Owner's capital (j) = $26,000 (i) Withdrawals Ending balance = Beginning balance + Net Income - Withdrawals $26,000 = $24,400 + $1,600 - (i) (i) = $0 Set C (m) Expenses Revenues - Expenses = Net Income $240 - (m) = $80 (m) = $160 (r)Total liabilities Total liabilities and owner's equity = Total liabilities + owner's capital $380 = $380 + (r) (r) = $0 (q) Total assets Total assets = Total liabilities and owner's equity (q) = $380 Net income = (n) (n) = $80 (p) Ending balance of Owner's equity Ending balance of Owner's equity = Owner's capital (p) = $380 (o) Withdrawals Ending balance = Beginning balance + Net Income - Withdrawals $380 = $340 + $80 - (o) (o) = $40

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