Solution-Prepare the income statement and capital statement

Prepare the income statement and capital statement

Assignment Help Accounting Basics

Reference no: EM133118015

Question - A sole proprietorship was started on January 1, Year 1, when it received $60,000 cash from Marlin Jones, the owner. During Year 1, the company earned $35,300 in cash revenues and paid $16,200 in cash expenses. Jones withdrew $1,000 cash from the business during Year 1. Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year.

Reference no: EM133118015

Questions Cloud

Determine the gross pay for the week : Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, Determine the gross pay for the week

What is the seasonal factor for quarter four : The seasonal factors (also known as indices) for the first three quarters for the demand of snow blowers are 0.62, 0.91, 1.35. What is the seasonal factor

Crisis of Covid-19 : Some companies have responded to the crisis of Covid-19 in ways to protect their employees or their customers.

Find the deseasonalized sales for this period : Question - If the actual sales are 1,627.00 units and the seasonal index for this period is 1.65, find the deseasonalized sales for this period

Prepare the income statement and capital statement : Jones withdrew $1,000 cash from the business during Year 1. Prepare the income statement, capital statement (statement of changes in equity)

Prepare the stockholders equity section of the balance sheet : Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized

How many headphones must ABC sell per week : Rent and other fixed costs are $240 per week; the income tax rate is 20%. How many headphones must ABC sell per week to meet its profit goal

Journal entries to record these events : Suppose B borrows $100,000 from L and uses it to drill an oil well. B hits a dry hole and loses the entire $100,000 investment. Journal entries to record events

Compute the direct materials variance : Direct materials (46,500 pounds @ $5.10 per pound) $237,150. Compute the direct materials variance, including its price and quantity variances

User Account

All Pages

Prepare the income statement and capital statement

Reference no: EM133118015

Reference no: EM133118015

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT