- Cascade Company Was Started On January 1 Year 1 When It Acquired 158 000 Cash From The Owners During Year 1 The Com 1 (58.63 KiB) Viewed 79 times
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. 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: Capital acquired from owner 158,000 Plus: Net income 30,000 Less: Withdrawal by owner (10,500) Ending capital balance 177,500 $
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.) Award: 5.00 points a. Cascade is a sole proprietorship owned by Carl Cascade. 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 Total liabilities and equity $ 0
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.) Award: 5.00 points a. Cascade is a sole proprietorship owned by Carl Cascade. 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 30,000 147,500 177,500 $ 177,500 $