hello, can you please help me with this question. if some things are filled in, they may or may not be correct. thanks so much!!
Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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.) a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare an income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Revenues $ 98,200 (68,200) Expenses Net income $ 30,000 Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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.) a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a capital statement (statement of changes in equity) for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Plus: Capital acquired from owner 158,000 Plus: Net income 30,000 Less: Withdrawal by owner (10,500) Ending capital balance 177,500 $ Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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.) Award: 5.00 points a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. Assets Cash Total Assets Liabilities Equity CASCADE COMPANY Balance Sheet As of December 31, Year 1 Carl Cascade, capital Total liabilities and equity $ 0 Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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.) Award: 5.00 points a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows 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: Receipts from revenues $ 98,200 (68,200) Paid for expenses Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Receipts from revenues 158,000 (10,500) Paid for owner's withdrawals Net cash flow from financing activities Net change in cash Ending cash balance 30,000 147,500 177,500 $ 177,500 $
