Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I cannot get the right calculations help Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following Information applies

I cannot get the right calculations help
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following Information applies to the questions displayed below) Cascade Company was started on January 1, Year 1, when it acquired S164,000 cash from the owners. During Year 1, the company earned cash revenues of $81,400 and incurred cash expenses of $62700 The company also paid cash distributions of $13,000 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 Problem 8-20A (Algo) Part c. Cascade is a corporation. It issued 11.000 shares of $8 par common stock for $164.000 cash to start the business 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 i. (Cash outflows should be indicated with a minus sion) w Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a income statement for Year 1. GASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Revenues 81,400 Expenses (62,700) Net income $ 18,700 Strnt of Changes > TULICHOZUMINIUUTIOIEL Required information www.MM . Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock 164 000 Plus: Issuance of common stock 18.700 182 70D 0 Total stockholders equity S182.700 6 Required information Inc Stmt Stimt of Changes Bal Sheet Cash Flows Pantot Prepare a balance sheet for Year 1. 2.22 points CASCADE COMPANY Balance Sheet As of December 31. Year 1 Assets Book TY Beforences Total Assets Liabilities Stockholders quity Total paid in capital Total Babies and Stockholdersuty . Sum of Changes Cash Flows) Required information 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 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing In The Food Industry From Safety And Quality To Environmental And Other Audits

Authors: M Dillon, C Griffith

1st Edition

1855734508, 978-1855734500

More Books

Students also viewed these Accounting questions

Question

What is the encoding matrix for the key "HOKIES"

Answered: 1 week ago