A Sole Proprietorship Was Formed on January 1, 2013, When

question 136

Essay

A sole proprietorship was formed on January 1, 2013, when it received $180,000 cash from Grant Godwin, the owner. During 2013, the business earned $276,000 in cash revenues and paid $204,800 in cash expenses. Jones withdrew $32,000 in cash during the year.
Required:
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for the 2013 fiscal year.

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Definitions:

Discipline

A field of study or a branch of knowledge, as well as the practice of training people to obey rules or a code of behavior.

Preschool Children

Young children typically aged between 3 and 5 years, prior to the commencement of formal schooling.

Time-Out

A disciplinary technique used to remove a child from an environment where inappropriate behavior has occurred, to encourage reflection and calm down.