(Solution Download) Effect of business structure on financial statements

Upton Co. was started on 1-1-2011, when the owners invested $160,000 cash in the business. During 2011, the company earned cash revenues of 120,000 and incurred cash expenses of $82,000. The company also paid cash distributions of $15,000.

Required
Prepare a 2011 income statement, capital statement (s...