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Leviafan [203]
3 years ago
10

Cascade Company was started on January 1, Year 1, when it acquired $151,000 cash from the owners. During Year 1, the company ear

ned cash revenues of $90,600 and incurred cash expenses of $62,000. 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.)
Business
1 answer:
erica [24]3 years ago
8 0

Answer:

Cascade Company

<u>Income statement for the year ended year 1</u>

Sales Revenue                   $90,600

Less Expenses                   $62,000

Net Income                         $28,600

Cascade Company

<u>Statement of changes in equity for the year ended year 1</u>

                                                Capital       Retained Income          Total

Beginning of the Year :

Opening Balance                  $151,000                 $ 0                 $151,000

During the Year :

Profit for the year                        -                    $28,600             $28,600

Dividends paid                            -                    ($13,000)           ($13,000)

Total                                       $151,000             $15,600           $166,600

Cascade Company

<u>Balance Sheet as at year 1</u>

ASSETS

Cash ($151,000 + $90,600 - $62,000 - $13,000)                  $166,600

Total Assets                                                                              $166,600

EQUITY AND LIABILITIES

Equity                                                                                        $166,600

Total Equity and Liabilities                                                     $166,600

Cascade Company

<u>Statement of Cashflow for the year ended year 1</u>

<em>Cash flow from Operating Activities</em>

Cash receipts from customers                                               $90,600

Cash payments to suppliers and employees                      ($62,000)

Net Cash from Operating Activities                                       $28,600

<em>Cash flow from Investing Activities</em>

No Investment activities

Net Cash from Investing Activities                                                 $0

<em>Cash flow from financing Activities</em>

Capital Invested                                                                    $151,000

Dividends Distributions                                                        ($13,000)

Net Cash from Investing Activities                                     $138,000

Movement during the year                                                $166,600

Beginning Cash and Cash Equivalents                                      $0

Ending Cash and Cash Equivalents                                 $166,600

Explanation:

The income statement, statement of changes in equity, balance sheet, and statement of cash flows for Cascade Company have been prepared above.

Note : Make sure to take note of the format and appropriate heading of each statement.

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