A sole proprietorship was started on January 1, Year 1, when it received $60,000 cash from Marlin Jones, the owner. During Year 1, the company earned $35,300 in cash revenues and paid $16,200 in cash expenses. Jones withdrew $1,000 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.