Chapter 11 Assignment 1 Part 1 of 3 10 points eBook Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1, the company earned cash revenues of $98,400 and incurred cash expenses of $69,500. The company also paid cash distributions of $12,000. 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.) Print a. Cascade is a sole proprietorship owned by Carl Cascade. Note: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. References CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $ 0 CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 $ 0 Assets CASCADE COMPANY Balance Sheet As of December 31, Year 1 Total Assets Liabilities Equity Total liabilities and equity $ 0 CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance $ 0 0 0 $ 0