A sole proprietorship was started on January $1,$ Year $1,$ when it recelved $$77,000$ cash from Marlin Jones, the owner. During Year $1,$ the company earned $$38,700$ in cash revenues and paid $$23,050$ in cash expenses. Jones withdrew $$5,700$ cash from the business during Year $1.$

Requlred

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.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Capital$],[$Statement$]],$Balance Sheet,$\backslash$table$[[$Statement of$],[$Cash Flows$]]]]$

Prepare the income statement.

$\backslash$table$[[$MARLIN JONES SOLE PROPRIETORSHIP,$],[$Income Statement,$],[$For the Year Ended December $31,$ Year $1,],[,$$$,38,700],[,,],[,$$$,38,700]]$