Question: 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.
Prepare the income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for Ard's 2014 fiscal year.