A sole proprietorship was started on January 1, Year 1, when it received $63,000 cash from Marlin Jones, the owner. During Year 1, the company earned $48,500 in cash revenues and paid $21,730 in cash expenses. Jones withdrew $4,900 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. Prepare the income statement. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 $ 0 Prepare a capital statement. MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance $ $ 0 Prepare a balance sheet. MARLIN JONES SOLE PROPRIETORSHIP Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Equity Total liabilities and equity $ 0 Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: $ 0 Net cash flow from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0