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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 $13,000.
Required
Prepare a Year 1 income statement, capital statement (statement of changes in equity),
a.
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b.
Cascade company |
Capital statement |
For the Year Ended December 31, Year 1 |
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$ 0 |
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