A sole proprietorship was started on January 1 2016 when
A sole proprietorship was started on January 1, 2016, when it received $30,000 cash from Maria Lopez, the owner. During 2016, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Lopez withdrew $10,000 cash from the business during 2016.
Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Lopez’s 2016 fiscal year.
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