Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from...
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Accounting
Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from the owners. During Year 1, the company earned cash revenues of $87,300 and incurred cash expenses of $60,800. The company also paid cash distributions of $6,000.
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.)
Cascade is a sole proprietorship owned by Carl Cascade.
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