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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

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