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A sole proprietorship was started on January 1, Year 1 , when it received $61,000 cash from Marlin Jones, the owner. During Year 1 ,

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A sole proprietorship was started on January 1, Year 1 , when it received $61,000 cash from Marlin Jones, the owner. During Year 1 , the company earned $41,700 in cash revenues and paid $20,480 in cash expenses. Jones withdrew $6,800 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. Prepare an income statement for Jones Year 1 fiscal year

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