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A sole proprietorship was started on January 1, Year 1, when it received $70,500 cash...

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Accounting

A sole proprietorship was started on January 1, Year 1, when it received $70,500 cash from Marlin Jones, the owner. During Year 1, the company earned $52,300 in cash revenues and paid $18,620 in cash expenses. Jones withdrew $4,000 cash from the business during Year 1.
Required
Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Joness Year 1 fiscal year.
Note: For Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign.

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