Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 1, the company earned cash revenues of $95,300 and incurred cash expenses of $60,200. The company also paid cash distributions of $7,500.

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.)

Prepare an income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Prepare a capital statement (statement of changes in equity) for Year 1. CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Prepare a balance sheet for Year 1. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Equity Total liabilities and equity Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows 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