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Question

l AT&T; Wi-Fi @* 49% @ } 10:24 PM ezto.mheducation.com connect. Ant 00 painas A sole proprietorship was started on January 1, 2016, when it received $64,000 cash from Marlin Jones, the owner. During 2016, the company eamed $49,600 in cash revenues and paid $18,020 in cash expenses. Jones withdrew $6,500 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. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) Ending capita

Explanation / Answer

income statement for the year ended Dec 31,2016 Revenue 49,600 less:Expenses 18,020 net income 31,580 Capital statement Beginning capital balance 0 capital added during the year 64,000 Add:Net income for the year 31,580 less:cash withdrawal 6,500 Ending capital balance 89,080 Balance sheet Assets cash 89080 total assets 89080 liabilities Equity Marlin jones capital 89,080 total liabilities and equity 89,080 Statement of cash flow Cash flow from operating activities Revenue 49,600 less:Expenses -18,020 Net cash flow from operating activities 31,580 Cash flows from investing activities 0 Cash flow from financing activity Cash from owner 64,000 cash withdrawal -6,500 Cash from financing activity 57,500 Net increase in cash 89,080 Cash at the beginning of the year 0 Cash at year end 89,080

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