A sole proprietorship was started on January 1, 2018, when it received $54,500 cash from Marlin Jones, the owner. During 2018, the company earned $51,600 in cash revenues and paid $22,160 in cash expenses. Jones withdrew $4,900 cash from the business during 2018. Required: Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's 2018 fiscal year.

Ending cash balance $ 79,040.00

Explanation:

Income Statement

Revenues $ 51,600.00

Less:Expenses $(22,160.00)

Net Income$ 29,440.00

Capital Statement

Beginning capital$ 54,500.00

Add:Net Income$ 29,440.00

Less:Withdrawal$ (4,900.00)

Ending capital$ 79,040.00

Balance Sheet

Assets

Cash $ 79040.00

Total$ 79,040.00

Equity and Liabilities

Capital $ 79,040.00

Total$ 79,040.00

Cash Flow Statement

Cash from operating activities

Cash from revenue $ $51,600.00

Cash paid for expenses$(22,160.00)

Cash generated(A)$ 29,440.00

Cash flow from financinag activities

Capital introduced $ 54,500.00

Cash withdrawal $ (4,600.00)

Cash generated(B)$ 49,900.00

Net cash generated(A+B(+)$

70,040.00

Add:Opening cash balance$ -

Ending cash balance $ 79,040.00

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

answer; experimentation;