A sole proprietorship was started on January 1, 2011, when it received ($ 60,000) cash from Mark
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A sole proprietorship was started on January 1, 2011, when it received \(\$ 60,000\) cash from Mark Pruitt, the owner. During 2011, the company earned \(\$ 40,000\) in cash revenues and paid \(\$ 19,300\) in cash expenses. Pruitt withdrew \(\$ 5,000\) cash from the business during 2011.
Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Pruitt's 2011 fiscal year.
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