Exercise 8-2A (Algo) Effect of accounting events on the financial statements of a sole proprietorship LO 8-1 A sole proprietorship was started on January 1, Year 1, when it received $73.500 cash from Marlin Jones, the owner. During Year 1, the company earned $36,200 in cash revenues and paid $19,980 in cash expenses. Jones withdrew $6,700 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. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Prepare the income statement. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 $ 0 locome Statement Capital Statement > Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare the income statement. MARLIN JONES SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, Year 1 $ 69 0 < Income Statement Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Prepare a capital statement. MARLIN JONES SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance $ 0 < Income Statement Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Prepare a balance sheet. MARLIN JONES SOLE PROPRIETORSHIP Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Equity Total liabilities and equity $ 0 $ 0 < Capital Statement Str Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Delo Prepare a statement of cash flows. (Cash outflows should be indicated with MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: $ 0 Net cash flow from investing activities $ 0 Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance 0 0 < Balance Sheet Stmt of Cash