A sole proprietorship was started on January 1, Year 1, when it received $61,000 cash from Marlin Jones, the owner. During Year 1, the company earned $41,700 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,800 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.
A sole proprietorship was started on January 1, Year 1, when it received $61,000 cash from Marlin Jones, the owner. During Year 1, the company earned $41,700 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,800 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A sole proprietorship was started on January 1, Year 1, when it received $61,000 cash from Marlin Jones, the owner. During Year 1, the
company earned $41,700 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,800 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
Statement of
Cash Flows
Prepare an income statement for Jones Year 1 fiscal year.
MARLIN JONES SOLE PROPRIETORSHIP
Income Statement
For the Year Ended December 31, Year 1
Balance Sheet
<Income Statement
Capital Statement
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