Question

Required information [The following information applies to the questions displayed below! Cascade Company was started on January 1 Year 1 when it acquired $159.000 cash from the owners. During Year 1, the company earned cash revenues of $99,900 and incurred cash expenses of $63.000. The company also paid cash distributions of $11,000. 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.) b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $87,450 and Beth Cascade invested $71,550 of the $159,000 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 55 percent of the profits and Carl to get the remaining 45 percent. With regard to the $11,000 distribution, Beth withdrew $3,300 from the business and Carl withdrew $7.700. (Amounts to be deducted should be indicated with minus sign.) CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1

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Answer 1

А В 1Income statement 2 Revenue 99900 3 Less: Expense -63000 4 Net income 36900 5 6 Statement of changes in equity; 7 Beginning balance 159000 8 Add: Net income 36900 9 Less: Distribution -11000 10 Ending balance 184900 11 12 Balance sheet: 13 Assets 184900 14 Cash 15 Total assets 184900 16 Liabilities & Owner's equity 17 Liabilities 18 Owner's equity 19 Total liabilties and owner's equity 184900 184900 20

22 Statement of cash flow 23 Cash flow from operating activities 24 Cash received from customer 99900 25 Cash Paid for expense -63000 36900 26 Net cash flow from operating activities 27 Cash flow from investing activities 28 Cash flow from financing activities 29 Issue common stock 159000 30 Cash distribution -11000 148000 31 Net cash flow from financing activities 32 Net cash flow 184900