Required informationSkip to question [The following information applies to the questions displayed below.] 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.) Requireda-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. Reg A1Reg A2Reg A3Req A4Prepare a Year 1 balance sheet. Assume Cascade is a sole proprietorship owned by Carl Cascade.CASCADE COMPANYBalance SheetAs of December 31, Year 1AssetsTotal AssetsLiabilitiesEquityTotal liabilities and equityReg A1Reg A2Reg A3Reg A4Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter cashoutflows with a minus sign.)CASCADE COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activities:Net cash flow from operating activitiesCash flows from investing activitiesCash flows from financing activities:Net cash flow from financing activitiesNet change in cashEnding cash balance Req A1Req A2Req A3Req A4Prepare a Year 1 income statement. Assume Cascade is a sole proprietorship owned by Carl Cascade.CASCADE COMPANYIncome StatementFor the Year Ended December 31, Year 124Complete this question by entering your answers in the tabs below.Req A1Req A2Req A3Req A4Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a sole proprietorship owned byCarl Cascade. (Enter amounts to be deducted with a minus sign.)CASCADE COMPANYCapital StatementFor the Year Ended December 31, Year 1

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Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.7C

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Required information

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[The following information applies to the questions displayed below.]

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.

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.)

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.

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