(Solution) - You are given the following data for the proprietorship of -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

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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 $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.