Cascade Company was started on January 1, 2016, when it acquired $164,000 cash from the...
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Cascade Company was started on January 1, 2016, when it acquired $164,000 cash from the owners. During 2016, the company earned cash revenues of $92,200 and incurred cash expenses of $60,800. The company also paid cash distributions of $6,500. Required Prepare a 2016 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.) 1.2000 points value: a. Cascade is a sole proprietorship owned by Carl Cascade. (Amounts to be deducted should be indicated with minus sign.) CASCADE COMPANY Income Statement For the Year Ended December 31, 2016 CASCADE COMPANY Capital Statement For the Year Ended December 31, 2016
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