[The following information applies to the questions displayed below.] Cascade Company was started on January...
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[The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $161,000 cash from the owners. During Year 1, the company earned cash revenues of $80,300 and incurred cash expenses of $69,500. 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.) c. Cascade is a corporation. It issued 11,000 shares of $8 par common stock for $161,000 cash to start the business. Complete this question by entering your answers in the tabs below. Piepare a income statement for Year 1
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