3 2 points eBook Hint Exercise 11-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 11-1 A sole proprietorship was started on January 1, Year 1, when it received $53,000 cash from Marlin Jones, the owner. During Year 1, the company earned $38,100 in cash revenues and paid $18,010 in cash expenses. Jones withdrew $4,300 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 Jones' Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Print Income Statement Capital Statement Balance Sheet Statement of Cash FlowS References Prepare an income statement for Jones Year 1 fiscal year. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 Revenues Expenses Net income $ 36,700 (18,400) 19 $ 18,300