Exercise 8-1Effect of accounting events on the financial statements of a sole proprietorship

A sole proprietorship was started on January 1, 2014, when it received $30,000 cash from Alex Ard, the owner. During 2014, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. Ard withdrew $10,000 cash from the business during 2014. Required

Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ards 2014 fiscal year.