A sole proprietorship was started on January $1,$ Year $1,$ when it received $$67,000$ cash from Marlin Jones, the owner. During Year $1,$ the company earned $$39,500$ in cash revenues and paid $$23,090$ in cash expenses. Jones withdrew $$6,400$ 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.