[APPENDIX] Chad Jones Established Jones' Cleaning Services,a Sole Proprietorship,by Investing

question 189

Essay

[APPENDIX] Chad Jones established Jones' Cleaning Services,a sole proprietorship,by investing $1,000 on January 1,2012.During the first year of operations,the business generated net income of $42,000.The owner withdrew cash for personal use.The ending balance of the capital account was $20,000.Prepare Jones' statement of owner's equity for the year ended December 31,2012.

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Definitions:

Process Control Charts

Graphical displays used to monitor the stability and performance of a process over time by plotting various statistics.

P-Charts

Control charts used for monitoring the proportion of defective items in a process over time.

Statistical Process Control (SPC)

A method of quality control which employs statistical methods to monitor and control a process, helping to ensure that it operates at its fullest potential.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, calculated as the square root of the variance.