A sole proprietorship was started on January 1, Year 1, when it received $78,000 cash from Marlin Jones, the owner. During Year 1, the company earned $45,700 in cash revenues and paid $18,980 in cash expenses. Jones withdrew $6,500 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 Stmt of Cash Flows Balance Sheet Prepare the income statement.

A sole proprietorship was started on January 1, Year 1, when it received $78,000 cash from Marlin Jones, the owner. During Year 1, the company earned $45,700 in cash revenues and paid $18,980 in cash expenses. Jones withdrew $6,500 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 Stmt of Cash Flows Balance Sheet Prepare the income statement.

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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