Question
In: Accounting
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 a Balance Sheet
B) Prepare a Statement of Cash Flows
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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, 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 $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...
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...
Newcomb Manufacturing Company was started on January 1, 2018, when it acquired $5,000 cash from the...
Newcomb Manufacturing Company was started on January 1, 2018,
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 products...
Vernon Manufacturing Company was started on January 1, 2018, when it acquired $83,000 cash by issuing...
Vernon Manufacturing Company was started on January 1, 2018,
when it acquired $83,000 cash by issuing common stock. Vernon
immediately purchased office furniture and manufacturing equipment
costing $9,100 and $24,700, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,400 salvage value and an expected
useful life of three years. The company paid $11,500 for salaries
of administrative personnel and $15,800 for wages to production
personnel. Finally, the company paid...
Baird Manufacturing Company was started on January 1, 2018, when it acquired $83,000 cash by issuing...
Baird Manufacturing Company was started on January 1, 2018, when
it acquired $83,000 cash by issuing common stock. Baird immediately
purchased office furniture and manufacturing equipment costing
$9,100 and $35,900, respectively. The office furniture had an
eight-year useful life and a zero salvage value. The manufacturing
equipment had a $3,900 salvage value and an expected useful life of
four years. The company paid $11,500 for salaries of administrative
personnel and $15,700 for wages to production personnel. Finally,
the company paid...
Campbell Manufacturing Company was started on January 1, 2018, when it acquired $89,000 cash by issuing...
Campbell Manufacturing Company was started on January 1, 2018,
when it acquired $89,000 cash by issuing common stock. Campbell
immediately purchased office furniture and manufacturing equipment
costing $7,700 and $26,500, respectively. The office furniture had
an 8-year useful life and a zero salvage value. The manufacturing
equipment had a $4,000 salvage value and an expected useful life of
three years. The company paid $11,600 for salaries of
administrative personnel and $15,100 for wages to production
personnel. Finally, the company paid...
Vernon Manufacturing Company was started on January 1, 2018, when it acquired $83,000 cash by issuing...
Vernon Manufacturing Company was started on January 1, 2018,
when it acquired $83,000 cash by issuing common stock. Vernon
immediately purchased office furniture and manufacturing equipment
costing $9,100 and $24,700, respectively. The office furniture had
an eight-year useful life and a zero salvage value. The
manufacturing equipment had a $3,400 salvage value and an expected
useful life of three years. The company paid $11,500 for salaries
of administrative personnel and $15,800 for wages to production
personnel. Finally, the company paid...
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