Below are three independent sets of financial statements with several amounts missing.

Required
1. Complete each set of financial statements by determining the amounts that correspond to the letters.
2. In what order is it necessary to prepare the financial statements andwhy?

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Income Statement Revenues Expenses Net income Set X Set Y Set Z 1,100 S 8 $240 a 5,200 Statement of Owner's Equity $2,900 S24,400 240 eginning balance Net income Less withdrawals Ending balance 1,600 200 53,000, i SP Balance Shectz Total assets Liabilities s d S31,000 S q 1,600 ,000 ST Owner's cquity 280 S580 Owner's capital Total liabilities and owner's equity S f S