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Category > Accounting Posted 04 Aug 2017 My Price 5.00

Integration of Financial Statements

Integration of Financial Statements

p2. The following three independent sets of financial statements have several amounts missing:

 

Income Statement

Revenues Expenses Net income

Set A

$1,100

       (a)

$     (b)

Set B

$       (g)

     5,200

$       (h)

Set C

$   240

     (m)

$     80

Statement of retained earnings

 

 

 

Beginning balance

$2,900

$24,400

$   340

Net income

(c)

1,600

(n)

Less dividends

      200

          (i)

       (o)

Ending balance

Balance Sheet

$3,000

$        ( j)

$     (p)

Total assets

$     (d)

$31,000

$     (q)

Total liabilities

$1,600

$  5,000

(r)

Stockholders’ equity

 

 

 

Common stock

$2,000

$10,000

$   100

Retained earnings

       (e)

         (k)

      280

Total liabilities and stockholders’ equity

$      (f )

$        (l)

$   380

reQUIreD

1.    Complete each set of financial statements by determining the missing amounts that correspond to the letters.

2.    aCCoUnting ConneCtion ▶ Why is it necessary to prepare the income statement prior to the balance sheet?

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Maurice Tutor
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Status NEW Posted 04 Aug 2017 09:08 PM My Price 5.00

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