Cascade Company was started on January 1, Year 1, when it acquired $162,000 cash from the owners. During Year 1, the company earned cash revenues of $89,800 and incurred cash expenses of $69,200. The company also paid cash distributions of $12,500. 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.) c. Cascade is a corporation. It issued 8,000 shares of $9 par common stock for $162,000 cash to start the business. Complete this question by entering your answers in the tabs below. Stmt of Changes Prepare a balance sheet for Year 1. Inc Stmt Assets Cash Total Assets 1 iahilities Bal Sheet Cash Flows CASCADE COMPANY Balance Sheet As of December 31, Year 1 $ 162,000 162,000

Required information The following information applies to the questions displayed below] Cascade Company was started on January 1, Year 1, when it acquited $162,000 cash from the owners. During Year 1, the company earned cash revenues of $89,800 and incurred cash expenses of $69,200. The company also paid cash distributions of $12,500. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and staternent of cash flows under each of the following assumptions. (Consider each assumption separately) c. Cascade is a corporation. It issued 8,000 shares of $9 par common stock for $162,000 cash to start the business. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1. Required information Prepare a balance sheet for Year 1. repare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign