Cascade Company was started on January 1, 2018, when it acquired $159,000 cash from the...
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Cascade Company was started on January 1, 2018, when it acquired $159,000 cash from the owners. During 2018, the company earned cash revenues of $89,600 and incurred cash expenses of $68,600. The company also paid cash distributions of $8,500. Required Prepare a 2018 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.) Cascade is a corporation. It issued 9,000 shares of $12 par common stock for $159,000 cash to start the business.
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