{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T00:10:01-04:00", "answer_date": "2024-05-28 00:10:01", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1808610", "url": "\/study-help\/questions\/problem-820a-algo-effect-of-business-structure-on-financial-statements-1808610", "question_creation_date_js": "2024-05-28T00:10:01-04:00", "question_creation_date": "May 28, 2024 12:10 AM", "meta_title": "[Solved] Problem 8-20A (Algo) Effect of business s | SolutionInn", "meta_description": "Answer of - Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to | SolutionInn", "meta_keywords": "problem,8-20a,algo,effect,business,structure,financial,statements,lo,8-1,information,applies", "question_title_h1": " 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", "question_title": " Problem 8-20A (Algo) Effect of business structure on financial statements LO", "question_title_for_js_snippet": "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 $163,000 cash from the owners During Year 1, the company earned cash revenues of $95,100 and incurred cash expenses of $69,300 The company also paid cash distributions of $12,500 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 ) Problem 8 20A (Algo) Part b b Cascade is a partnership with two partners, Carl Cascade and Beth Cascade Carl Cascade invested $65,200 and Beth Cascade invested $97,800 of the $163,000 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 Carl to get the remaining 40 percent With regard to the $12,500 distribution, Beth withdrew $7,500 from the business and Carl withdrew $5,000 ", "question_description": "\"image", "transcribed_text": "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 $163,000 cash from the owners. During Year 1, the company earned cash revenues of $95,100 and incurred cash expenses of $69,300. The company also paid cash distributions of $12,500. 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.) Problem 8-20A (Algo) Part b b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $65,200 and Beth Cascade invested $97,800 of the $163,000 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 Carl to get the remaining 40 percent. With regard to the $12,500 distribution, Beth withdrew $7,500 from the business and Carl withdrew $5,000.", "related_book": { "title": "Intermediate Accounting", "isbn": "324300980, 978-0324300987", "edition": "10th Edition", "authors": "Loren A Nikolai, D. Bazley and Jefferson P. Jones", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/120.jpg", "uri": "\/textbooks\/intermediate-accounting-10th-edition-120", "see_more_uri": "" }, "free_related_book": { "isbn": "B0C77GP9XB", "uri": "\/textbooks\/skydue-expanding-file-organizer-with-8-pockets-accordion-file-folders-with-labels-portable-document-paper-organizer-letter-size-blue-school-office-supplies-b0c77gp9xb-180642", "name": "SKYDUE Expanding File Organizer With 8 Pockets Accordion File Folders With Labels Portable Document Paper Organizer Letter Size Blue School Office Supplies", "edition": "" }, "question_posted": "2024-05-28 00:10:01", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/consider-the-exchange-rate-between-south-korea-and-costa-rica-327702", "description": "Consider the exchange rate between South Korea and Costa Rica. 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