Question
A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000
A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Ard withdrew $10,000 cash from the business during 2014. |
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Prepare an income statement for Ards 2014 fiscal year. Prepare a capital statement (statement of changes in equity) for Ards 2014 fiscal year. Prepare a balance sheet for Ards 2014 fiscal year.
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