A sole proprietorship was formed on January 1,2016,when it received $90,000 cash from Kaitlyn Conrad,the owner.During 2016,the business earned $138,000 in cash revenues and paid $102,400 in cash expenses.Conrad withdrew $16,000 in cash during the year.
Required: Prepare an income statement,capital statement,balance sheet,and statement of cash flows for the 2016 fiscal year.

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The Answer of A sole proprietorship was formed on January 1,2016,when it received $90,000 cash from Kaitlyn Conrad,the owner.During 2016,the business earned $138,000 in cash revenues and paid $102,400 in cash expenses.Conrad withdrew $16,000 in cash during the year.
Required: Prepare an income statement,capital statement,balance sheet,and statement of cash flows for the 2016 fiscal year.

A Sole Proprietorship Was Formed on January 1,2016,when It Received