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Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1 , th company earned cash revenues of $82,700 and incurred cash expenses of $63,200. The company also paid cash distributions of $5,500 Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement o cash flows under each of the following assumptions. (Consider each assumption separately.) - Cascade is a sole proprietorship owned by Carl Cascade. lote: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. CASCADE COMPANY Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline \multicolumn{1}{|c|}{ Cash } & & \\ \hline & & \\ \hline Total Assets & & \\ \hline Liabilities & & \\ \hline Equity & & \\ \hline & & \\ \hline Total liabilities and equity & & $ \\ \hline \end{tabular} CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: b. Cascade is a partnership with two parthers, Carl Cascade and Beth Cascade. Carl Cascade invested $91,200 and Beth Cascade invested $60,800 of the $152,000 cash that was used to start the business, Beth was expected to assume the vast majority of the responsibility for operating the husiness. 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 $5,500 distribution, Beth withdrew $1,650 from the business and Carl withdrew $3,850. Note: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. 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 $82,700 and incurred cash expenses of $63,200. The company also paid cash distributions of $5,500. 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) Cascade is a corporation. It issued 9,000 shares of $12 par common stock for $152,000 cash to start the business. Note: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. CASCADE COMPANY Statement of Changes in Stockholders' Equity Forsthe Year Ended December 31, Year 1 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ BASCADE COMPANY } & \\ \hline As of December 31, Year 1 & & \\ \hline Assets & & \\ \hline & & \\ \hline Total Assets & & \\ \hline Liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & \\ \hline Total paid-in capital & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} 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