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Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000.   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.)   Required a-1. Prepare a Year 1 income statement. a-2. Prepare a Year 1 capital statement (statement of changes in equity). a-3. Prepare a Year 1 balance sheet. a-4. Prepare a Year 1 statement of cash flows.

Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000.   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.)   Required a-1. Prepare a Year 1 income statement. a-2. Prepare a Year 1 capital statement (statement of changes in equity). a-3. Prepare a Year 1 balance sheet. a-4. Prepare a Year 1 statement of cash flows.

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 23P
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Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000.
 
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.)

 

Required

a-1. Prepare a Year 1 income statement.
a-2. Prepare a Year 1 capital statement (statement of changes in equity).
a-3. Prepare a Year 1 balance sheet.
a-4. Prepare a Year 1 statement of cash flows.

 

Assume Cascade is a sole proprietorship owned by Carl Cascade.

 
Req A1 Req A2 Req A3 Req A4 Prepare a Year 1 income statement. Assume Cascade is a sole proprietorship owned by Carl Cascade. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 24 Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req A4 Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter amounts to be deducted with a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1
Transcribed Image Text:Req A1 Req A2 Req A3 Req A4 Prepare a Year 1 income statement. Assume Cascade is a sole proprietorship owned by Carl Cascade. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 24 Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req A4 Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter amounts to be deducted with a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1
Reg A1 Reg A2 Reg A3 Req A4 Prepare a Year 1 balance sheet. Assume Cascade is a sole proprietorship owned by Carl Cascade. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Equity Total liabilities and equity Reg A1 Reg A2 Reg A3 Reg A4 Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter cash outflows with a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance
Transcribed Image Text:Reg A1 Reg A2 Reg A3 Req A4 Prepare a Year 1 balance sheet. Assume Cascade is a sole proprietorship owned by Carl Cascade. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Equity Total liabilities and equity Reg A1 Reg A2 Reg A3 Reg A4 Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade. (Enter cash outflows with a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance
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