Exercise 11-2A Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $69,500 cash from Marlin Jones, the owner. During Year 1, the company earned $50,300 in cash revenues and paid $23,250 in cash expenses. Jones withdrew $4,800 cash from the business during Year 1 55 ints Saved 1 Prepare an income statement, capital statement (statement of changes in equity), bal Jones's Year 1 fiscal year. (Statement of Cash Flows only, amounts to be deducted s MARLIN JONES SOLE PROPRIETORSHIP 5.55 Income Statement points For the Year Ended December 31, Year 1 Revenues Expenses Net income eBook Hint Print MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Plus: Capital acquired from owner Plus: Net income Less: Withdrawal by owner Ending capital balance Mc Saved 1 MARLIN JONES SOLE PROPRIETORSHIP Balance Sheet As of December 31, Year 1 -5 nts Assets Cash Total assets 0 eBook Liabilities Equity Jones, Capital Hint Total liabilities and equity Print MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues Paid for expenses 0 Net cash flow from operating activities Cash flows from investing activities Next 1 of 9 Prev O HI ere to search MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues Paid for expenses $ Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities 0 Proceeds from owner Paid for owner withdrawals Net cash flow from financing activities 0 Net change in cash Plus: Beginning cash balance Ending cash balance 1 of 9 Prev e to search /II F4 F3 F2 16 15 O