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Question $1-$ Chapter $11$ Homework Assignment $-$ Con...

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Chapter $11$ Homework Assignment

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$1$

Exercise $11-2$A $($Algo$)$ Effect of accounting events on the financial statements of a sole proprietorship LO $11-1$

$4\mathrm{.}28$

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A sole proprietorship was started on January $1,$ Year $1,$ when it received $$67,500$ cash from Marlin Jones, the owner. During Year $1,$ the company earned $$42,200$ in cash revenues and paid $$23,790$ in cash expenses. Jones withdrew $$4,200$ cash from the business during Year $1.$

Required

Prepare an income statement, capital statement $($statement of changes in equity$),$ balance sheet, and statement of cash flows for Jones' Year $1$ fiscal year.

Complete this question by entering yourtanswers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Capital$],[$Statement$]],$Balance Sheet,$\backslash$table$[[$Stateme$],[$Cash FI$]]],[$Prepare an income statement for Jones Year $1$ fisca$],[$MARLIN JONES SOLE PROPRIETORSHIP$],[$Income Statement$],[$For the Year Ended December $31,$ Year $1],[,,,],[,,,0]]$

Income statement

Capital Statement $>$

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