A sole proprietorship was started on January 1, Year 1, when it received $40,500 cash from Marlin Jones, the owner. During Year 1, the company earned $39,000 in cash revenues and paid $18,790 in cash expenses, Jones withdrew $6,400 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Statement of Cash Flows pare an income statement for Jones Year 1 fiscal year. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1

A sole proprietorship was started on January 1, Year 1, when it received $40,500 cash from Marlin Jones, the owner. During Year 1, the company earned $39,000 in cash revenues and paid $18,790 in cash expenses, Jones withdrew $6,400 cash from the business during Year 1. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Statement of Cash Flows pare an income statement for Jones Year 1 fiscal year. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $ 53,000 1,500 Accounts payable $ 15,000 Taxes payable Supplies Property, plant, & equip. 65,000 5,500 Long-term debt 48,000 Accounts receivable 40,000 Inventory 15,000 Common stock 60,000 Retained earnings ? What amount will Entity A report on its balance sheet for Total Assets? $108,000 $109,500 $68,500 $174,500
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