Cascade Company was started on January 1, Year 1, when it acquired $169,000 cash from the...
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Cascade Company was started on January 1, Year 1, when it acquired $169,000 cash from the owners. During Year 2, the company earned cash revenues of $92,700 and incurred cash expenses of $63,600. The company also paid cash distributions of $13,000. 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.) Problem 11-22A (Algo) Part b b-1. Prepare a Year 1 income statement. b-2. Prepare a Year 1 capital statement (statement of changes in equity). b-3. Prepare a Year 1 balance sheet. b-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare a Year 1 income statement. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Req B1 Req B2 > Show less Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. (Enter amounts to be deducted with a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Show less Prepare a Year 1 balance sheet. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. Assets CASCADE COMPANY Balance Sheet As of December 31, Year 1 Total Assets Liabilities Equity Total liabilities and equity Show less Prepare a Year 1 statement of cash flows. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership Show more CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance Cascade Company was started on January 1, Year 1, when it acquired $169,000 cash from the owners. During Year 2, the company earned cash revenues of $92,700 and incurred cash expenses of $63,600. The company also paid cash distributions of $13,000. 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.) Problem 11-22A (Algo) Part b b-1. Prepare a Year 1 income statement. b-2. Prepare a Year 1 capital statement (statement of changes in equity). b-3. Prepare a Year 1 balance sheet. b-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare a Year 1 income statement. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Req B1 Req B2 > Show less Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare a Year 1 capital statement (statement of changes in equity). Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. (Enter amounts to be deducted with a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Show less Prepare a Year 1 balance sheet. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $13,000 distribution, Beth withdrew $3,900 from the business and Carl withdrew $9,100. Assets CASCADE COMPANY Balance Sheet As of December 31, Year 1 Total Assets Liabilities Equity Total liabilities and equity Show less Prepare a Year 1 statement of cash flows. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $50,700 and Beth Cascade invested $118,300 of the $169,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership Show more CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance
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b1 Year 1 Income Statement Revenue Cash Revenues 92700 Expenses Cash Expenses 63600 Net Income Reven... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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