Cascade Company was started on January 1, Year 1, when it acquired $160,000 cash from the owners. During Year 1, the company earned cash revenues of $83,000 and incurred cash expenses of $63,500. The company also paid cash distributions of $7,000.

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.)

Cascade is a sole proprietorship owned by Carl Cascade.

Complete this question by entering your answer Prepare an income statement for Year 1. Complete this question by entering your answers i Prepare a capital statement (statement of changes in equi Complete this question by entering your answers in the t Prepare a balance sheet for Year 1. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ CASCADE COMPANY } \\ \hline \multicolumn{2}{|c|}{ Statement of Cash Flows } \\ \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline & & \\ \hline \hline \end{tabular}