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A sole proprietorship was started on January 1, Year 1, when it recelved $49,500 cash from Marlin Jones, the owner. During Year 1 , the

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A sole proprietorship was started on January 1, Year 1, when it recelved $49,500 cash from Marlin Jones, the owner. During Year 1 , the company earned $54,000 in cash revenues and paid $18,770 in cash expenses. Jones withdrew $4,400 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's Year 1 fiscal year. Note: For Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. \begin{tabular}{|l|l|} \hline MARLIN JONES SOLE PROPRIETORSHIP \\ \hline \multicolumn{1}{|c|}{ Capital Statement } \\ \hline For the Year Ended December 31, Year 1 \\ \hline Beginning capital balance \\ \hline & \\ \hline Ending capital balance & $ \\ \hline \end{tabular} 10 points

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