The Curtis Company Was Started on January 1,2016 as a Sole

question 74

Essay

The Curtis Company was started on January 1,2016 as a sole proprietorship.The initial investment from Charlotte Curtis,the owner,was $80,000.During 2016,the business earned $60,000 in cash revenue and paid $45,000 in cash expenses.Ms.Curtis withdrew $7,000 for her personal use.Using the above information,prepare an income statement,a capital statement,and a balance sheet for the Curtis Company.

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Definitions:

Psychologists

Professionals in the field of psychology who study mental processes and human behavior by observing, interpreting, and recording how people relate to one another and to their environments.

Psychiatrists

Medical doctors who specialize in diagnosing, treating, and preventing mental, emotional, and behavioral disorders.

Psychoanalysts

Practitioners of psychoanalysis, a therapeutic approach founded by Freud, focusing on the unconscious mind and its influence on behavior.

Psychotherapy

A therapeutic treatment approach involving psychological methods, particularly when based on regular personal interaction, to help a person change behavior and overcome problems in desired ways.