Question
In: Accounting
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[The following information applies to the questions displayed below.]
Cascade Company was started on January 1, Year 1, when it acquired $164,000 cash from the owners. During Year 1, the company earned cash revenues of $94,300 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.)
-
Cascade is a corporation. It issued 9,000 shares of $9 par common stock for $164,000 cash to start the business.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[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 $96,300 and incurred cash expenses of
$61,800. The company also paid cash distributions of $12,000.
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...
Required information [The following information applies to the questions displayed below.] Cascade Company was started on...
Required information
[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 $96,300 and incurred cash expenses of
$61,800. The company also paid cash distributions of $12,000.
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...
[The following information applies to the questions displayed below.] Cascade Company was started on January 1,...
[The following information
applies to the questions displayed below.]
Cascade Company was started on January 1, 2016, when it acquired
$60,000 cash from the owners. During 2016, the company earned cash
revenues of $35,000 and incurred cash expenses of $18,100. The
company also paid cash distributions of $4,000.
Required
Prepare a 2016 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...
Required information [The following information applies to the questions displayed below.] Sanyu Sony started a new...
Required information
[The following information applies to the questions
displayed below.]
Sanyu Sony started a new business and completed these
transactions during December.
Dec.
1
Sanyu Sony transferred $65,200 cash from a personal savings
account to a checking account in the name of Sony Electric in
exchange for its common stock.
2
The company rented office space and paid $1,100 cash for the
December rent.
3
The company purchased $14,000 of electrical equipment by paying
$5,800 cash and agreeing to...
Required information [The following information applies to the questions displayed below.] Gabi Gram started The Gram...
Required information
[The following information applies to the questions
displayed below.]
Gabi Gram started The Gram Co., a new business that began
operations on May 1. The Gram Co. completed the following
transactions during its first month of operations.
May
1
G. Gram invested $40,000 cash in the company in exchange for
its common stock.
1
The company rented a furnished office and paid $2,200 cash for
May’s rent.
3
The company purchased $1,890 of office equipment on
credit.
5...
Required information [The following information applies to the questions displayed below.] Gabi Gram started The Gram...
Required information
[The following information applies to the questions displayed
below.]
Gabi Gram started The Gram Co., a new business that began
operations on May 1. The Gram Co. completed the following
transactions during its first month of operations.
May
1
G. Gram invested $43,500 cash in the company.
1
The company rented a furnished office and paid $2,100 cash for
May’s rent.
3
The company purchased $1,910 of office equipment on credit.
5
The company paid $770 cash for...
Required information [The following information applies to the questions displayed below.] Gabi Gram started The Gram...
Required information
[The following information applies to the questions
displayed below.]
Gabi Gram started The Gram Co., a new business that began
operations on May 1. The Gram Co. completed the following
transactions during its first month of operations.
May
1
G. Gram invested $43,500 cash in the company.
1
The company rented a furnished office and paid $2,600 cash for
May’s rent.
3
The company purchased $4,210 of office equipment on
credit.
5
The company paid $730 cash for...
Required information [The following information applies to the questions displayed below.] Gabi Gram started The Gram...
Required information [The following information applies to the
questions displayed below.] Gabi Gram started The Gram Co., a new
business that began operations on May 1. The Gram Co. completed the
following transactions during its first month of operations. May 1
G. Gram invested $44,500 cash in the company in exchange for its
common stock. 1 The company rented a furnished office and paid
$2,200 cash for May’s rent. 3 The company purchased $4,590 of
office equipment on credit. 5...
Required information [The following information applies to the questions displayed below.] Laker Company reported the...
Required information
[The following information applies to the questions
displayed below.]
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
185
units
@
$
11.00
=
$
2,035
Jan.
10
Sales
145
units
@
$
20.00
Jan.
20
Purchase
100
units
@
$
10.00
=
1,000
Jan.
25
Sales
125
units
@
$
20.00
Jan.
30
Purchase
270
units...
Required information [The following information applies to the questions displayed below.] Laker Company reported the...
Required information
[The following information applies to the questions
displayed below.]
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
235
units
@
$
16.00
=
$
3,760
Jan.
10
Sales
200
units
@
$
25.00
Jan.
20
Purchase
180
units
@
$
15.00
=
2,700
Jan.
25
Sales
190
units
@
$
25.00
Jan.
30
Purchase
390
units...
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