Prepare a year one income statement and capital statement

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Reference no: EM133041475

Problem - 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 $84,100 and incurred cash expenses of $60,500. The company also paid cash distributions of $14,500.

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.)

Reference no: EM133041475

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