A sole proprietorship was started on January 1, 2016, when it received $30,000 cash from Maria Lopez,
Question:
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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Transactions Cash Acquired from Owner 30000 Revenues 50000 Expenses 22300 Withdrawals 10000 Maria Lo...View the full answer
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Related Book For 
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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