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 I when it acquired $165,000 cash from the owners. During Year 1, the company earned cash revenues of $87,100 and incred cash expenses of $62,200. The company also paid cash distributions of $8,000 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) Parta a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Stmt of Inc Stmt Bal Sheet Cash Flows Changes Prepare a balance sheet for Year 1. CASCADE COMPANY May 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 I when it acquired $165,000 cash from the owners. During Year 1, the company earned cash revenues of $87,100 and incred cash expenses of $62,200. The company also paid cash distributions of $8,000 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) Parta a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Stmt of Inc Stmt Bal Sheet Cash Flows Changes Prepare a balance sheet for Year 1. CASCADE COMPANY May