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Im having trouble finding the calculations Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 {The following information applies to
Im having trouble finding the calculations
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 $164,000 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 Yeart 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 b b. Cascade is a partnership with two partners. Corl Cascade and Beth Cascade Carl Cascade invested $65 600 and Beth Cascade invested $98,400 of the S164.000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 60 percent of the profits and Carlto get the remaining 40 percent with regard to the $13.000 distribution Beth withdrew 57,800 from the business and Carl withdrew $5,200. Complete this question by entering your answers in the tabs below. ght Graded Homework Soved Hel Required information Complete this question by entering your answers in the tabs below. Inc Stmt Stmnt of Changes Bal Sheet Cash Flows Prepare a income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 S Stmt of Changes > Saved Required information Complete this question by entering your answers in the tabs below. Inc Strnt Stmt of Changes Bal Sheet Cash Flows Prepar a capital statement for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 $ 0 Required information Complete this question by entering your answers in the tabs below. Inc Stmt Strt of Changes Bel Sheet Cash Flows 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 $ 0 Step by Step Solution
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