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Required Information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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 is a sole proprietorship owned by Carl Cascade. Answer is not complete. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare an income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 S S Revenues Expenses Net income 98,200 (68,200) ✔ 30,000
Required Information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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 is a sole proprietorship owned by Carl Cascade. Answer is not complete. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a capital statement (statement of changes in equity) for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Plus: Net income Less: Withdrawal by owner Ending capital balance S 30,000 (10,500) 19,500
Required Information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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 is a sole proprietorship owned by Carl Cascade. Answer is not complete. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. Assets Cash Total Assets Liabilities Equity CASCADE COMPANY Balance Sheet As of December 31, Year 1 Carl Cascade, capital Retained earnings Total liabilities and equity >> $ 177,500 177,500 158,000 X 19,500 x $ 177,500
Required Information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $98,200 and incurred cash expenses of $68,200. The company also paid cash distributions of $10,500. 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 is a sole proprietorship owned by Carl Cascade. Answer is not complete. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues $ 98,200 (68,200) Paid for expenses Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Receipts from revenues 158,000 ✓ (10,500) ✔ Paid for owner's withdrawals Net cash flow from financing activities Net change in cash Ending cash balance X $ 30,000 147,500 177,500 $177,500