Cascade Company was started on January 1, Year 1. when it acquired $60.000 cash from the owners. During Year 2 , the company earned cash revenues of $35,000 and incurred cash expenses of $18,100. The company also paid cash distributions of $4,000 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.) 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 propnetorship owned by Carl Cascade. Cascade Company was started on January 1, Year 1. when it acquired $60.000 cash from the owners. During Year 2, the company earned cash revenues of $35,000 and incurred cash expenses of $18,100. The company also paid cash distributions of $4,000 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 assumptoons. (Consider each assumption separately.) b-1. Prepare a Year 1 income statement. b-2. Prepare a Year 1 capital statement (statement of changes in equity). b.3. Prepare a Year 1 balance sheet. b.4. Prepare a Year 1 statement of cash fows. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $24.000 and Beth Cascade invested $36,000 of the $60,000 cash that was used to start the business. Beth was expecred to assume the vast majority of the responsibility for operaung the business. The partnership agreement called for Beth to recelve 60 percent of the profits and Carl to get the remaining 40 percent. With regard to the $4,000 distribution. Beth withdrew $2,400 from the business ond Carf withdrew $1.600. Complete this question by entering your answers in the tabs below. Prepare a Year 1 income statement. Assume Cascade is a partnership with two partners, Carl Coscade and Beth Cascade. Carl Cascade invested $24,000 and Beth Cascade invested $36,000 of the $60,000 cash that was used to start the business. Beth was expected to assume the vast majonty of the responsibility for operating the business. The partnershp agreement called for Beth to receive 60 percent of the profits and Carl to get the remaining 40 percent. With regard to the $4,000 distribution, Beth withdrew $2,400 from the business and Carl withdrew $1,600. Cascade Company was started on January 1, Year 1 , when it acquired $60.000 cash from the owners, During Year 2 , the company earned cash revenues of $35,000 and incurred cash expenses of $18.100. The company also paid cash distributions of $4,000 Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash fows under each of the following assumptions. (Consider each assumption separately. -1. Prepare a Year 1 income statement. -2. Prepare a Year 1 capital statement (statement of changes in equity). 3. Prepare a Year 1 balance sheet 4. Prepare a Year 1 statement of cash flows. issume Cascade is a corporation. It issued 5,000 shares of $5 par common stock for $60,000 cash to start the business. Complete this question by entering your answers in the tabs below. Prepare a Year 1 income statement. Assume Cascade is a corporation. It issued 5,000 shares of $5 par common stock for $60,000 cash to start the business