value: Exercise 8-1 Effect of accounting events on the financial statements of a sole proprietorship LO 8-1,8-2 owner. During 2014, the company earned $37,000 in cash revenues and paid $21,550 in cash expenses Ard withdrew $5,600 cash from the business during 2014 Prepare an income statement for Ard's 2014 fiscal year S 37,000 21,550 S 15,450