A sole proprietorship was started on January $1,$ Year $1,$ when it received $$70,500$ cash from Marlin Jones, the owner. During Year $1,$ the company earned $$52,300$ in cash revenues and paid $$18,620$ in cash expenses. Jones withdrew $$4,000$ 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.