ntegration of Financial Statements

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

Income Statement	Set A		Set B		Set C
Revenues	$1,100		$ (g)		$ 240
Expenses	(a)		5,200		(m)
Net income	$ (b)		$ (h)		$ 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	$3,000		$ (j)		$ (p)
Balance Sheet
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

1. Complete each set of financial statements by determining the amounts that correspond to the letters. If an answer is zero, enter "0".

a.	$
b.	$
c.	$
d.	$
e.	$
f.	$
g.	$
h.	$
i.	$
j.	$
k.	$
l.	$
m.	$
n.	$
o.	$
p.	$
q.	$
r.	$

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

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