Cascade Company was started on January 1, Year 1, when it acquired $162,000 cash from the owners. During Year 2, the company earned cash revenues of $81,200 and incurred cash expenses of $67,200. The company also paid cash distributions of $10,500. 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.)

Part A Required

a-1. Prepare a Year 1 income statement. a-2. Prepare a Year 1 capital statement (statement of changes in equity). a-3. Prepare a Year 1 balance sheet. a-4. Prepare a Year 1 statement of cash flows.

Assume Cascade is a sole proprietorship owned by Carl Cascade.

Outline:

Income statement:

Capital statement:

Balance sheet:

Statement of Cash Flows:

Required information Problem 11-22A (Algo) Effect of business structure on financial statements LO 11-1 [The following information applies to the questions displayed below] Cascade Company was started on January 1, Year 1, when it acquired $162,000 cash from the owners. 'During Year 2, the company earned cash revenues of $81,200 and incurred cash expenses of $67,200. The company also paid cash distributions of $10,500. 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.) Problem 11-22A (Algo) Part a Required a-1. Prepare a Year 1 income statement. a-2. Prepare a Year 1 capital statement (statement of changes in equity). a-3. Prepare a Year 1 balance sheet. a-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Prepare a Year 1 income statement. Assume Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter amounts to be deducted with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare a Year 1 balance sheet. Assume Cascade is a sole proprietorship owned by Carl Cascade. Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter cash outflows with a minus sign.)