Required information [The following information applies to the questions displayed below) Cascade Company was started on January 1, Year 1, when it acquired 5158,000 cash from the owners. During Year 1, the company earned cash revenues of $82.760 and incurred cash expenses of $62,700. The company also paid cash distributions of $11,500 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) o. Cascade is a sole proprietorship owned by Cart Cascade Complete this question by entering your answers in the tabs below. 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 8 a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. 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 0 Total Assets Liabilities Equity S 0 Total liabilities and equity Prev 1 2 3 Next of 5 W Required information (The following information applies to the questions displayed below.] Cascade Compariy was started on January 1, Year 1, when it acquired $158,000 cash from the owners During Year 1, the company earned cash revenues of $82,700 and incurred cash expenses of 562,700 The company also paid cash distributions of $11,500 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) b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade Carl Cascade invested $71,100 and Beth Cascade invested $86,900 of the $158,000 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 55 percent of the profits and Carlto get the remaining 45 percent With regard to the $11,500 distribution, Beth withdrew $6,325 from the business and Carl withdrew 55175 D Complete this question by entering your answers in the tabs below. Cash Flows Inc Stmt 5tmt of Changes Bal Sheet Prepare a balance sheet for Year 1. of 5 Next > Prey Required information [The following information applies to the questions displayed below) Cascade Company was started on January 1. Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $82,700 and incurred cash expenses of $62,700. The company also paid cash distributions of $11,500 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) c. Cascade is a corporation. It issued 8,000 shares of $10 por common stock for $158.000 cosh 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 income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1
