Required information Skip 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. 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.
Required information
Skip 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.
Required
Prepare a Year 1 income statement, capital statement (statement of changes in equity),
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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