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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 each assumption separately.)

c. Cascade is a corporation. It issued 11,000 shares of $11 par common stock for $168,00

	CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $0

	CASCADE COMPANY Statement of Changes in Stockholders’ Equity For the Year Ended December 31, Year 1 0    0 Total stockholders’ equity $0

	CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets 0 Liabilities Stockholders’ equity Total paid-in capital $0    Total liabilities and Stockholders’ equity $0

	CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Net cash flow from operating activities $0 Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 Net change in cash 0    Ending cash balance $0

Answer 1