Business, 07.06.2020 04:00 connermichaela

A sole proprietorship was started on January 1, 2018, when it received $55,500 cash from Marlin Jones, the owner. During 2018, the company earned $43,600 in cash revenues and paid $19,080 in cash expenses. Jones withdrew $6,100 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.

Answers: 1

Show answers

Answers

Answer from: jazminpagan15

a. Net income = $24,520

b. Ending capital = $73,920

c. Total assets = $73,920; and Total Equities and Liabilities = $73,920.

d. Ending cash balance = $73,920.

Explanation:

a. Income statement

Details Amount ($)

Revenue 43,600

Expenses 19,080

Net income 24,520

b. Capital statement (statement of changes in equity)

Details Amount ($)

Beginning capital 55,500

Net income 24,520

Withdrawal (6,100)

Ending capital 73,920

c. Balance sheet.

Details Amount ($)

Assets:

Cash 73,920

Total assets 73,920

Equity and Liabilities:

Capital 73,920

Total 73,920

d. Statement of cash flows

Details Amount ($) Amount ($)

Cash from operating activities:

Cash from revenue 43,600

Cash paid for expenses (19,080)

Cash generated from operating activities 24,520

Cash flow from financing activities:

Capital introduced 55,500

Cash withdrawal (6,100)

Cash generated from financing activities 49,400

Net cash generated 73,920

Beginning cash balance 0

Ending cash balance 73,920

Answer from: Quest

the answer is risk management planning

Answer from: Quest

how big are hotdogs, answer this or you get a dunce cap

Another question on Business

Business, 21.06.2019 13:00

Druganaut company buys a $21,000 van on credit. the transaction will affect the

Answers: 3

Answer

Business, 22.06.2019 04:00

Don’t give me to many notifications because it will cause you to lose alot of points

Answers: 1

Answer

Business, 22.06.2019 06:20

At a small store, a customer enters the front door on average every 8 minutes. a prior study indicated that the time between customers entering the front door during weekdays follows an exponential distribution. what is the probability that the time between customers entering the store on a weekday will be less than or equal to 7? select one: a. 62 b. 43 c. 1/8 d. 7/8 e. 58

Answers: 1

Answer

Business, 22.06.2019 17:30

Emery pharmaceutical uses an unstable chemical compound that must be kept in an environment where both temperature and humidity can be controlled. emery uses 825 pounds per month of the chemical, estimates the holding cost to be 50% of the purchase price (because of spoilage), and estimates order costs to be $48 per order. the cost schedules of two suppliers are as follows: vendor 1 vendor 2 quantity price/lb quantity price/lb 1-499 $17 1-399 $17.10 500-999 $16.75 400-799 $16.85 1000+ $16.50 800-1199 $16.60 1200+ $16.25 (a) what is the economic order quantity for each supplier? (b) what quantity should be ordered and which supplier should be used? (c) the total cost for the most economic order sire is $

Answers: 2

Answer

You know the right answer?

A sole proprietorship was started on January 1, 2018, when it received $55,500 cash from Marlin Jone...

Questions