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 $153,000 cash from the owners. During Year 1, the company earned cash revenues of $91,700 and incurred cash expenses of $61,500. The company also paid cash distributions of $9,500. 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 c c. Cascade is a corporation. It issued 9,000 shares of $11 par common stock for $153,000 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 changes in stockholders' equity for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Statement of Changes in Stockholders' Equity 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 Plus: Issuance of common stock Total stockholders' equity Inc Stmt 0 $ 0 Bal Sheet > Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Cash Total Assets Liabilities Stockholders' equity Carl Cascade, capital Total paid-in capital Total liabilities and Stockholders' equity 0 $ 0 $ 0 Stmt of Changes 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 ok Cash flows from operating activities: t ces Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Paid for expenses Proceeds from issue of stock Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance $ 30,200 $ 9,500 $ 30,200 9,500 39,700 $ 39,700 < Bal Sheet Cash Flows