Question: A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000

A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Ard withdrew $10,000 cash from the business during 2014.

Required
Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ard’s 2014 fiscal year.

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Transactions Cash Acquired from Owner 30000 Revenues 50000 Expenses 22300 Withdrawals 10000 Alex Ard ... View full answer

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