A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. During Year 1, thecompany earned $35,400 in cash revenues and paid $22,580 in cash expenses. Jones withdrew $4,300 cash from the businessduring Year 1.RequiredPrepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows forJones's Year 1 fiscal year.Complete this question by entering your answers in the tabs below.IncomeStatementCapitalStatementPrepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)MARLIN JONES SOLE PROPRIETORSHIPStatement of Cash FlowsFor the Year Ended December 31, Year 1.Balance SheetCash flows from operating activities:Net cash flow from operating activitiesCash flows from investing activities;Net cash flow from investing activitiesCash flows from financing activities:Net cash flow from financing activitiesNet change in cashEnding cash balanceStmt of CashFlows< Balance Sheet$$$10101010 A sole proprietorship was started on January 1, Year 1, when it received $64,500 cash from Marlin Jones, the owner. During Year 1, thecompany earned $35,400 in cash revenues and paid $22.580 in cash expenses. Jones withdrew $4,300 cash from the businessduring Year 1.RequiredPrepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows forJones's Year 1 fiscal year.Complete this question by entering your answers in the tabs below.IncomeStatementCapitalStatementBalance SheetPrepare the income statement.MARLIN JONES SOLE PROPRIETORSHIPIncome StatementFor the Year Ended December 31, Year 1Stmt of CashFlowsCapital Statement >

Financial statements provide a thorough overview of the entity's financial health and economic…

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.

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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