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Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The...

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Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $168,000 cash from the owners. During Year 1 , the company earned cash revenues of $99,800 and incurred cash expenses of $60,100. The company also paid cash distributions of $9,500. 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. Prepare an income statement for Year 1. a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Prepare a capital statement (statement of changes in equity) for Year 1. (Deductions should be indicated by a minus sign. Prepare a balance sheet for Year 1. Required information CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities

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