on Chris educatia target m she settl Instruct (a) W m th (b) $26.03 43.80 (c) L $91.30 (d) (e) $95.000 (b) Write a memo explaining (1) the sequence for preparing the financial statements, and (2) their TAKING IT FURTHER Why isn't the balance sheet dated the same way as the income statement ACCOUNTING IN ACTION ng P1-10A Here are incomplete financial statements for Lee Company: mment. LEE COMPANY Balance Sheet February 28, 2014 Assets Liabilities and Owner's Equity Cash $ 9,500 Liabilities Accounts receivable 5,300 Notes payable Land (1) Accounts payable Building and equipment 41,500 Total liabilities Total assets M. Lee, Capital Total liabilities and owner's equity LEE COMPANY Income Statement Year Ended February 28, 2014 Revenues Service revenues Expenses Salaries expense $32,000 Other expenses (v) Supplies expense 1.500 Total expenses Profit LEE COMPANY Statement of Owner's Equity Year Ended February 28, 2014 M. Lee, capital, March 1, 2013 Add: Investments Profit Less: M. Lee, drawings M. Lee, capital, February 28, 2014 Instructions (a) Calculate the missing amounts (1) to (x). statement of owner's equity: "Year Ended Foru B 59.500 (vi Col Note Instr wou BY $22.000 62.500 1 relationships between the income statement, statement of owner's equity, and balance sheet 101