Question
In: Accounting
Cascade Company was started on January 1, Year 1, when it acquired $160,000 cash from the...
Cascade Company was started on January 1, Year 1, when it acquired $160,000 cash from the owners. During Year 1, the company earned cash revenues of $90,400 and incurred cash expenses of $62,500. The company also paid cash distributions of $7,000. 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.)
c. Cascade is a corporation. It issued 11,000 shares of $9 par common stock for $160,000 cash to start the business.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Cascade Company was started on January 1, Year 1, when it acquired $160,000 cash from the...
Cascade Company was started on January 1, Year 1, when it
acquired $160,000 cash from the owners. During Year 1, the company
earned cash revenues of $90,400 and incurred cash expenses of
$62,500. The company also paid cash distributions of $7,000.
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.)
a. Cascade is a sole proprietorship owned by...
Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from the...
Cascade Company was started on January 1, Year 1, when it
acquired $153,000 cash from the owners. During Year 2, the company
earned cash revenues of $93,300 and incurred cash expenses of
$69,700. The company also paid cash distributions of $14,000.
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.)
c. Cascade is a corporation. It issued 10,000...
Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the...
Cascade Company was started on January 1, Year 1, when it
acquired $152,000 cash from the owners. During Year 1, the company
earned cash revenues of $80,700 and incurred cash expenses of
$68,400. The company also paid cash distributions of $6,500.
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 10,000...
Cascade Company was started on January 1, 2018, when it acquired $155,000 cash from the owners....
Cascade Company was started on January 1, 2018, when it acquired
$155,000 cash from the owners. During 2018, the company earned cash
revenues of $97,900 and incurred cash expenses of $66,100. The
company also paid cash distributions of $9,500.
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 10,000 shares of $9 par...
Cascade Company was started on January 1, 2018, when it acquired $156,000 cash from the owners....
Cascade Company was started on January 1, 2018, when it acquired
$156,000 cash from the owners. During 2018, the company earned cash
revenues of $80,300 and incurred cash expenses of $67,500. The
company also paid cash distributions of $5,500.
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 sole proprietorship owned by Carl Cascade.
A) Prepare...
Newcomb Manufacturing Company was started on January 1, Year 1, when it acquired $5,000 cash from...
Newcomb Manufacturing
Company was started on January 1, Year 1, when it acquired $5,000
cash from the issue of common stock. During the first year of
operation, $1,600 of direct raw materials was purchased with cash,
and $1,200 of the materials was used to make products. Direct labor
costs of $2,000 were paid in cash. Newcomb applied $1,280 of
overhead cost to the Work in Process account. Cash payments of
$1,280 were made for actual overhead costs. The company completed...
Gibson Manufacturing Company was started on January 1, Year 1, when it acquired $87,000 cash by...
Gibson Manufacturing Company was started on January 1, Year 1,
when it acquired $87,000 cash by issuing common stock. Gibson
immediately purchased office furniture and manufacturing equipment
costing $8,400 and $25,800, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,600 salvage value and an expected
useful life of three years. The company paid $11,100 for salaries
of administrative personnel and $15,800 for wages to production
personnel. Finally, the company...
Vernon Manufacturing Company was started on January 1, year 1, when it acquired $77,000 cash by...
Vernon Manufacturing Company was started on January 1, year 1,
when it acquired $77,000 cash by issuing common stock. Vernon
immediately purchased office furniture and manufacturing equipment
costing $8,400 and $32,800, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,200 salvage value and an expected
useful life of four years. The company paid $11,700 for salaries of
administrative personnel and $15,500 for wages to production
personnel. Finally, the company...
Jordan Manufacturing Company was started on January 1, Year 1, when it acquired $87,000 cash by...
Jordan Manufacturing Company was started on January 1, Year 1,
when it acquired $87,000 cash by issuing common stock. Jordan
immediately purchased office furniture and manufacturing equipment
costing $8,400 and $27,500, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,500 salvage value and an expected
useful life of three years. The company paid $11,400 for salaries
of administrative personnel and $15,600 for wages to production
personnel. Finally, the company...
Jordan Manufacturing Company was started on January 1, year 1, when it acquired $83,000 cash by...
Jordan Manufacturing Company was started on January 1, year 1,
when it acquired $83,000 cash by issuing common stock. Jordan
immediately purchased office furniture and manufacturing equipment
costing $8,400 and $33,500, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,100 salvage value and an expected
useful life of four years. The company paid $11,000 for salaries of
administrative personnel and $15,300 for wages to production
personnel. Finally, the company...
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