Effect of accounting events on the financial statements of a sole proprietorship
A sole proprietorship was started on January 1, 2011, when it received $20,000 cash from Dan Jones, the owner. During 2011, the company earned $14,500 in cash revenues and paid $9,300 in cash expenses. Jones withdrew $500 cash from the business during 2011.
Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2011 fiscal year.
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