A sole proprietorship was started on January 1, Year 1when it received $54,500 cash from Marlin Jones, the ownerDuring Year 1the company earned $52,800 in cash revenues and paid $23,550 in cash expenses. Jones withdrew $5,500 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. Prepare a capital statement. Prepare a balance sheet. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)