A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Ard withdrew $10,000 cash from the business during 2014.

Required

Prepare an income statement for Ards 2014 fiscal year.

Prepare a capital statement (statement of changes in equity) for Ards 2014 fiscal year.

Prepare a balance sheet for Ards 2014 fiscal year.

Prepare a statement of cash flows for Ards 2014 fiscal year. (Amounts to be deducted should be indicated with a minus sign.)

ALEX ARD SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, 2014