A sole proprietorship was started on January 1, Year 1, when it received $78,000 cash from Marlin Jones, the owner. During Year 1, the company earned $45,700 in cash revenues and paid $18,980 in cash expenses. Jones withdrew $6,500 cash from the business during Year 1. Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Stmt of Cash Flows Balance Sheet Prepare the income statement.
A sole proprietorship was started on January 1, Year 1, when it received $78,000 cash from Marlin Jones, the owner. During Year 1, the company earned $45,700 in cash revenues and paid $18,980 in cash expenses. Jones withdrew $6,500 cash from the business during Year 1. Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Stmt of Cash Flows Balance Sheet Prepare the income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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