Business, 07.06.2020 04:00 connermichaela

A sole proprietorship was started on January 1, 2018, when it received $55,500 cash from Marlin Jones, the owner. During 2018, the company earned $43,600 in cash revenues and paid $19,080 in cash expenses. Jones withdrew $6,100 cash from the business during 2018. Required:
Prepare the income statement. capital statement (statement of changes in equity). balance sheet. and statement of cash flows for Jones's 2018 fiscal year.

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Answer from: jazminpagan15

a. Net income = $24,520

b. Ending capital = $73,920

c. Total assets = $73,920; and Total Equities and Liabilities = $73,920.

d. Ending cash balance = $73,920.

Explanation:

a. Income statement

Details Amount ($)

Revenue 43,600

Expenses 19,080

Net income 24,520

b. Capital statement (statement of changes in equity)

Details Amount ($)

Beginning capital 55,500

Net income 24,520

Withdrawal (6,100)

Ending capital 73,920

c. Balance sheet.

Details Amount ($)

Assets:

Cash 73,920

Total assets 73,920

Equity and Liabilities:

Capital 73,920

Total 73,920

d. Statement of cash flows

Details Amount ($) Amount ($)

Cash from operating activities:

Cash from revenue 43,600

Cash paid for expenses (19,080)

Cash generated from operating activities 24,520

Cash flow from financing activities:

Capital introduced 55,500

Cash withdrawal (6,100)

Cash generated from financing activities 49,400

Net cash generated 73,920

Beginning cash balance 0

Ending cash balance 73,920

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A sole proprietorship was started on January 1, 2018, when it received $55,500 cash from Marlin Jone...

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