Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, the company earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 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 Statement Capital Statement Balance Sheet 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 $
Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, the company earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 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 Statement Capital Statement Balance Sheet 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 $
Financial And Managerial Accounting
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Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter4: The Accounting Cycle
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Transcribed Image Text:Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO
11-1
A sole proprietorship was started on January 1, Year 1, when it received $67,500 cash from Marlin Jones, the owner. During Year 1, the
company earned $42,200 in cash revenues and paid $23,790 in cash expenses. Jones withdrew $4,200 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
Statement
Capital
Statement
Balance Sheet
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
$
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