The Curtis Company Was Started on January 1, Year 1

Essay

The Curtis Company was started on January 1, Year 1 as a sole proprietorship. The initial investment from Charlotte Curtis, the owner, was $80,000. During Year 1, the business earned $60,000 in cash revenue and paid $45,000 in cash expenses. Ms. Curtis withdrew $7,000 for her personal use.Required:
Using the above information, prepare an income statement, a capital statement, and a balance sheet for the Curtis Company.