A sole proprietorship was started on january 1 2013 when it


A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner. During 2013, the company earned $28,300 in cash revenues and paid $14,100 in cash expenses. Ross withdrew $1,000 cash from the business during 2013.

Required:

Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ross 2013 fiscal year.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: A sole proprietorship was started on january 1 2013 when it
Reference No:- TGS01215557

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)