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Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000.   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.)   a.     CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1           $0   b. Cascade company Capital statement  For the Year Ended December 31, Year 1                     $                                          0

Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000.   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.)   a.     CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1           $0   b. Cascade company Capital statement  For the Year Ended December 31, Year 1                     $                                          0

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 36E: During the year, Hepworth Company earned a net income of 61,725. Beginning and ending balances for...
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Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 1, the company earned cash revenues of $94,600 and incurred cash expenses of $66,500. The company also paid cash distributions of $13,000.

 

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.)

 

a.

 
 
CASCADE COMPANY
Income Statement
For the Year Ended December 31, Year 1
   
   
  $0

 

b.

Cascade company

Capital statement 

For the Year Ended December 31, Year 1

 

 

 

 

 

 

 

 

 

 

$                                          0

 

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