8: Homework - Corporations, Proprietorships, and Corporations (i) A sole proprietorship was started on January 1, Year 1, when it received $49,500 cash from Marlin Jones, the owner. During Year 1, the company earned $48,100 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,600 cash from the business during Year 1. 14.16 points 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. Prepare the income statement. A sole proprietorship was started on January 1, Year 1, when it received $49,500 cash from Marlin Jones, the owner. During Year 1 , the company earned $48,100 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,600 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. Prepare a capital statement. A sole proprietorship was started on January 1 , Year 1, when it received $49,500 cash from Marlin Jones, the owner. During Year 1, th company earned $48,100 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,600 cash from the business furing Year 1. Required Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for lones's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Prepare a balance sheet. A sole proprietorship was started on January 1, Year 1, when it received $49,500 cash from Marlin Jones, the owner. During Year 1 , the company earned $48,100 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,600 cash from the business during Year 1. 14.16 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. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)