Question

A sole proprietorship was started on January 1, 2018, when it recelved $79.000 cash from Marlin Jones, the owner. During 2018, the company earned 546,100 in cash revenues and paid $20.620 in cash expenses. Jones withdrew $4,900 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. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Smt of Cash Fls Prepare the income statement. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, 2018 Income Statement Capital Statement >

Answer 1

Requirement (1) Marlin Jones Sole Proprietorship Income Statement For the Year Ended December 31, Year 1 Revenues $ 46,100 Expenses $(20,620) Net Income $ 25,480 Requirement (2) Marlin Jones Sole Proprietorship Capital Statement For the Year Ended December 31, Year 1 Beginning Capital Balance $ Plus : Capital acquired from owner $ 79,000 Plus : Net Income $ 25,480 Less : Withdraw by owner $ (4,900) Ending Capital Balance $ 99,580 Requirement (3) Marlin Jones Sole Proprietorship Balance Sheet As of December 31, 2018 Assets Cash $ 99,580 $ 99,580 Total Assets Liabilities Equity Jones, Capital $ 99,580 Total Liabilities and Equity $ 99,580 Requirement (4) Marlin jones sole proprietorship Statement of cash flows For the Year Ended December 31, 2018 Cash flow from Operating activities Receipt from revenues $ 46,100 Paid for expenses $(20,620) Net Cash flow from Operating activities $ 25,480 Cash flow from Investing activities $ Net Cash flow from Investing activities Cash flow from Financing activities Proceeds from owner Paid for owner withdrawls $ 79,000 $ (4,900 Net Cash flow from Financing activities Net change in cash Plus : Beginning cash balance Ending Cash Balance $ 74,100 $ 99,580 $ $ 99,580 Note : Do comment for any further assistance