mos assoc REQUIRED R Indiate whethecr , and/or baiah statement is most closely S

Question

mos assoc REQUIRED R Indiate whethecr , and/or baiah statement is most closely Sup 2 BUSINESS APPLICATION Which goal of protitability? of Financial Statements REC independent sets of financial statements have n Toabead P2. The following three ind missing: o3 Integration Set B Set A $1,100 00 (a) Set C s 240 Income Statement 5,200 Revenues Expenses Net income 3.5 $24,400 1,600 $2,900 2op (c) 200 $3,000 S 340 Statement of Owner's Equity Beginning balance Net income Less withdrawals Ending balance Balance Sheet Total assets $t(d) $1,600 300 (e) $31,000 $ 5,000 co (k) Total liabilities Owner's capital Total liabilities and owner's equity 380 S 380 oop REQUIRED 1. Complete cach set of financial statements by determining the missing amounts correspond to the letters.

Explanation / Answer

Income Statement Set A Set B Set C Revenues $    1,100 $    6,800 $        240 Expenses $        800 $    5,200 $        160 Net Income $        300 $    1,600 $          80 Statement of Owner's Equity Beginning Balance $    2,900 $ 24,400 $        340 Net Income $        300 $    1,600 $          80 Less: Withdrawals $        200 $           -   $          40 Ending Balance $    3,000 $ 26,000 $        380 Balance Sheet Total Assets $    4,600 $ 31,000 $        380 Total Liabilities $    1,600 $    5,000 $           -   Owner's Capital $    3,000 $ 26,000 $        380 Total Liabilities and Owner's equity $    4,600 $ 31,000 $        380 Set A C = Ending Balane + Net Income - Beginning Balance C = 3000 + 200 - 2900 = 300 So, B also same as C B = 300 A = Revenues - Net Income A = 1100 - 300 = 800 E = Ending Balance of Statement of Owner's Equity E = 3000 F = Total Liabilities + Owner's Capital F = 1600 + 3000 = 4600 D = Total Assets = Total Liabilities and Owner's equity D = 4600 Set B K = Total Assets - Total Liabilities K = 31000 - 5000 = 26000 So, J also same K J = 26000 L = Total Liabilities + Owner's Capital L = 5000 + 26000 = 31000 H = Net Income H = 1600 G = Expenses + Net Income G = 5200 + 1600 = 6800 I = Ending Balance - Beginning Balance - Net Income I = 26000 - 24400 - 1600 = 0 Set C M = Revenues - Net Income M = 240 - 80 = 160 N = Net Income N = 80 R = Total Liabilities and owner's equity - Owner's Capital R = 380 - 380 = 0 Q = Total Assets = Total Liabilities and Owner's equity Q = 380 P = Owner's Capital P = 380 O = Beginning Balance + Net Income - Ending Balance O = 340 + 80 - 380

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