Effect of accounting events on the financial statements of a sole proprietorship
A sole proprietorship was started on January 1, 2011, when it received $60,000 cash from Mark Pruitt, the owner. During 2011, the company earned $40,000 in cash revenues and paid S19,300 in cash expenses. Pruitt withdrew $5,000 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 Pruitt's 2011 fiscal year.
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