A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. company earned $35,400 in cash revenues and paid $22,580 in cash expenses. Jones withdrew $4,300 cash from during Year 1.
A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. company earned $35,400 in cash revenues and paid $22,580 in cash expenses. Jones withdrew $4,300 cash from during Year 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%

Transcribed Image Text:A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. During Year 1, the
company earned $35,400 in cash revenues and paid $22,580 in cash expenses. Jones withdrew $4,300 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
Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)
MARLIN JONES SOLE PROPRIETORSHIP
Statement of Cash Flows
For the Year Ended December 31, Year 1.
Balance Sheet
Cash flows from operating activities:
Net cash flow from operating activities
Cash flows from investing activities;
Net cash flow from investing activities
Cash flows from financing activities:
Net cash flow from financing activities
Net change in cash
Ending cash balance
Stmt of Cash
Flows
< Balance Sheet
$
$
$
10
10
10
10

Transcribed Image Text:A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. During Year 1, the
company earned $35,400 in cash revenues and paid $22.580 in cash expenses. Jones withdrew $4,300 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
Balance Sheet
Prepare the income statement.
MARLIN JONES SOLE PROPRIETORSHIP
Income Statement
For the Year Ended December 31, Year 1
Stmt of Cash
Flows
Capital Statement >
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education