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.

Complete this question by entering your answers in the tabs below.

Inc Stmt
Stmt of Changes
Bal Sheet
Cash Flows

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related 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 $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...

Subjects