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Cascade Company was started on January 1 , Year 1 , when it acquired $ 1 6 7 , 0 0 0 cash from the

Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $81,400 and incurred cash expenses of $60,600. The company also paid cash distributions of $8,500.
Required
Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.)
a. Cascade is a sole proprietorship owned by Carl Cascade.
Complete this question by entering your answers in the tabs below.
Income
Statement of
Balance Sheet Statement of Statement
Changes Cash Flows
Prepare an income statement for Year 1.
\table[[CASCADE COMPANY],[Income Statement,],[For the Year Ended December 31, Year 1,],[,],[,],[,$
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