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Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below) Cascade Company was started on January 1. Year 1, when it acquired $163,000 cash from the owners. During Year 1, the company earned cash revenues of $85,900 and incurred cash expenses of $69,200. The company also paid cash distributions of $12,500 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) Problem 8-20A (Algo) Part c. Cascade is a corporation. It issued 10,000 shares of $11 par common stock for $163,000 cash to start the business Complete this question by entering your answers in the tabs below. Stmt of Inc Stmt Changes Bal Sheet Cash Flows Prepare a income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 5 0 Sint of Changes > Problem 8-20A (Algo) Part c. Cascade is a corporation. It issued 10.000 shares of $11 par common stock for $163,000 cash to start the business, Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should be indicated by a minus sign. CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 0 0 Total stockholders' equity $ Problem 8-20A (Algo) Part 6 c. Cascade is a corporation. It issued 10,000 shares of $11 par common stock for $163,000 cash to start the business, Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets 0 Total Assets Liabilities Stockholders equity Total paid in capital S 0 Total Wabilities and Stockholders equity 5 O

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