Exercise 8-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LC 81 A sole proprietorship was started on January 1, Year 1, when it received $47,000 cash from Marlin Jones, the owner. During Year 1, the company earned $44,900 in cash revenues and paid $23,660 in cash expenses. Jones withdrew $4,700 cash from the business during Year 1. Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Jones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance prepare a dalance sneet. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ MARLIN JONES SOLE PROPRIETORSHIP } \\ \( \qquad \multicolumn{1}{|c|}{ \) Statement of Cash Flows } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, Year 1} \\ \hline Cash flows from operating activities: & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities: & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}