do not give solution in image Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1, the company earned cash revenues of $91,000 and incurred cash expenses of $69,800. The company also paid cash distributions of $14,000.RequiredPrepare 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 9,000 shares of $10 par common stock for $152,000 cash to start the business.

Income Statement , balance sheet and cashflow statement are financial statements that show the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.) Cascade is a corporation. It issued 10,000 shares of $10 par common stock for $167,000 cash to start the business.
Sheridan Company completed its first year of operations on December 31. 2022. It initial income statement showed that Sheridan had sales revenue of $190,900 and operating expenses of $73,200. Accounts receivable and accounts payable at year-end were $63,900 and $31,600 respectively. Assume that accounts payable related to operating expenses. Inore income taxes. Compute net cash provided by operating activities using the direct method. (Show amo wnts that decrease cosh fow with either a sign eg 1s oog orinparenthesises (15,000) Net cash provided by operating activities
Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000. RequiredPrepare 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.) Required a-1. Prepare a Year 1 income statement.a-2. Prepare a Year 1 capital statement (statement of changes in equity).a-3. Prepare a Year 1 balance sheet.a-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade.
ascade 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.) CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets 0 Liabilities Equity Total liabilities and equity $0 STATEMENT OF CASH FLOWS!! CASCADE COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activities:Net cash flow from operating activities$0Cash flows from investing activitiesCash flows from financing activities:Net cash flow from financing activities0Net change in…
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
Gladys Inc. reported current assets totaling $65,800 and current liabilities totaling $28,750 at December 31, Year 2. The company’s income statement and statement of cash flow for Year 2 appear below: Calculate the following ratios and measures for Gladys Inc. for Year 2: Operating funds ratio, Operating cash flow-to-current liabilities ratio, Cash conversion ratio, Earnings before interest, taxes, depreciation and amortization (EBITDA), Free cash flow, Discretionary cash flow
Rainey Enterprises loaned $30,000 to Small Co. on June 1, Year 1, for one year at 7 percent interest. Required Show the effects of the following transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require input. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) (1) The loan to Small Co. (2) The adjustment at December 31, Year 1. (3) The adjustment and collection of the note on June 1, Year 2. RAINEY ENTERPRISES Horizontal Statements Model Balance Sheet Stockholders" Equity Retained Assets Liabilities Date Notes Receivable Interest Receivable Cash Rever Earnings 1. 6/1/Year 1 2. 12/31/Year 1 3. 6/1/Year 2 Adjustment ++ ++ ++
Rainey Enterprises loaned $45,000 to Small Company on June 1, Year 1, for one year at 7 percent interest. Required Show the effects of the following transactions in a horizontal statements model. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. (1) The loan to Small Company (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2.
Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term to maturity. Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the Zirkle Company for Year 1. Note: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities < Required B Required C
Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: Paid cash of $12,700 to retire bonds payable with a face value of $15,000 and a book value of $13,300. Paid cash of $48,000 to retire bonds payable with a face value of $45,000 and a book value of $47,000. Required: Record, in journal entry form, the entries that Moore would make for the preceding transactions on its spreadsheet to prepare its statement of cash flows. If an amount box does not require an entry, leave it blank.
Rainey Enterprises loaned $20,000 to Small Company on June 1, Year 1, for one year at 6 percent interest. Required Show the effects of the following transactions in a horizontal statements model. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. (1) The loan to Small Company (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. 3. Date 1. 6/1/Y1 2. 12/31/Y1 3. 6/1/72 (Adjusting entry) 6/1/Y2 (Collection of the note) Cash + + + + Assets Notes Receivable + + + + + RAINEY ENTERPRISES Horizontal Statements Model Balance Sheet Interest Receivable = Liabilities + + + + + Stockholders' Equity Retained Earnings Income Statement Revenue -…
Zirkle Company borrowed $146,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term t maturity. Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the Zirkle Company for Year 1. Note: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Ending cash balance Net cash flow from financing activities

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is started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year ne statement, capital statement (statement of changes in equity), balance sheet, and statemen on. It issued 9,000 shares of $10 par common stock for $152,000 cash to start the business.