A sole proprietorship was started on January 1, 2018, when it received $63,500 cash from Marlin Jones, the owner. During 2018, the company earned $36,500 in cash revenues and paid $21,150 in cash expenses. Jones withdrew $5,700 cash from the business during 2018. Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year.

A sole proprietorship was started on January 1, 2018, when it received $63,500 cash from Marlin Jones, the owner. During 2018, the company earned $36,500 in cash revenues and paid $21,150 in cash expenses. Jones withdrew $5,700 cash from the business during 2018. Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year.

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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