Question: A sole proprietorship was started on January 1, 2016, when it received $60,000 cash from Marlin Jones, the owner. During 2016, the company earned $35,300

A sole proprietorship was started on January 1, 2016, when it received $60,000 cash from Marlin Jones, the owner. During 2016, the company earned $35,300 in cash revenues and paid $16,200 in cash expenses. Jones withdrew $1,000 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 Jone’s 2016 fiscal year.

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Transactions Cash Acquired from Owner 60000 Revenues 35300 Expenses 16200 Withdrawal 1000 Marlin Jon... View full answer

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