Question: A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner. During 2013, the company earned $28,300

A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner. During 2013, the company earned $28,300 in cash revenues and paid $14,100 in cash expenses. Ross withdrew $1,000 cash from the business during 2013.

Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ross 2013 fiscal year.

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Transactions Cash Acquired from Owner 40000 Revenues 28300 Expenses 14100 Withdrawal 1000 Jimmy Ross ... View full answer

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