The following three independent sets of financial statements have several amounts missing: Income Statement Set A Set B Set C Revenues S5,320 $ 8,600 $ m Expenses a g O2,010 Net income $ 510 $ h $ n Statement of Owner's Equity Beginning balance $1,780 $15,400 $ 200 Net income i 450 Less withdrawals 1,000 0 Ending balance $16,000 Balance Sheet Total assets $1,900 Liabilities $ 2,000 Owner's equity Owner's capital 2,100 Total liabilities and owner's equity $2,700 $ P slo $ $2,000 $1,300 Required 1. Complete each set of financial statements by determining the amounts that correspond to the letters 2. Why is it necessary to prepare the income statement prior to the balance sheet?! Curious if you got the right answer? Look at the Check Figures section that precedes Chapter 1