$1$

Exercise $8-2$A $($Static$)$ 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 $$60,000$ cash from Marlin Jones, the owner. During Year $1,$ the company earned $$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 the income statement, capital statement $($statement of changes in equity$),$ balance sheet, and statement of cash flows for Jones's Year $1$ fiscal year.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Capital$],[$Statement$]],$Balance Sheet,$\backslash$table$[[$Statement of$],[$Cash Flows$]]]]$

Prepare a balance sheet.