Question
Required information Skip to question [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it
Required information
Skip to question
[The following information applies to the questions displayed below.]
Cascade Company was started on January 1, Year 1, when it acquired $160,000 cash from the owners. During Year 1, the company earned cash revenues of $83,000 and incurred cash expenses of $63,500. The company also paid cash distributions of $7,000.
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.)
Cascade is a corporation. It issued 11,000 shares of $9 par common stock for $160,000 cash to start the business.
Income Statement?
Statement of changes?
Balance Sheet?
Cash Flow?
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