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You are given the following data for the proprietorship of R Black Black Proprietorship Trial Balance December 31 2016 Black contributed

You are given the following data for the proprietorship of R. Black. Black Proprietorship Trial Balance December 31, 2016 Black contributed $5,000 capital during the year. Required: 1. Prepare an income statement for the year. 2. Prepare a statement of proprietor s capital for the year in the following format: R. Black Proprietorship Statement of Proprietor s Capital For the Year Ended December 31, 2016 Balance at Jan. 1, 2016 $ Contributions Net income Withdrawals _________ Balance at Dec. 31, 2016 $________ 3. Prepare a balance sheet at December 31, 2016. 4. Prepare closing entries at year-end.

Apr 06 2020 View more View Less

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