50.1K

Verified Solution

Link Copied!

Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $49,500 cash from Marlin Jones, the ownet. During Year 1, the company earned $51,000 in cash revenues and paid $19,750 in cash expenses. Jones withdrew $6,800 cosh from the business during Year 1. Required Prepare an income statement, copital statement (statement of changes in equity), balancie sheet, and statement of cash flows for Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Prepare an income statement for Jones Year 1 fiscal year. Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 111 A sole proprietorship was started on January 1, Year 1, when it received $49,500 cash from Marlin Jones, the owner. During Year 1, the company earned $51,000 in cash revenues and paid $19,750 in cash expenses. Jones withdrew $6,800 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 your answers in the tabs below. Prepare a capital statement (statement of changes in equity) for Jones Year 1 fiscal year. A sole proprietorship was started on January 1, Year 1, when it recelved $49,500 cash from Marlin Jones, the owner. During Year 1, the company earned $51,000 in cash revenues and paid $19,750 in cash expenses, Jones withdrew $6,800 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' Yoar 1 fiscal yeat. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Jones Year 1 fiscal year. epare a statement of cash flows for Jones' Year 1 fiscal year. (Enter cash outhows with a minus sign.)

Answer & Explanation Solved by verified expert

See Answer