A sole proprietorship was started on January 1, Year 1, when it received $77,500 cash from Marlin Jones, the owner. During Year 1, the company earned $53,000 in cash revenues and paid $22,880 in cash expenses. Jones withdrew $6,300 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.