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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

FINANCIAL ACCOUNTING
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.)

 

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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