Business, 19.03.2020 18:44 sistersaray

Cascade Company was started on January 1, 2018, when it acquired $159,000 cash from the owners. During 2018, the company earned cash revenues of $86,800 and incurred cash expenses of $69,900. The company also paid cash distributions of $10,500. Required Prepare a 2018 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.)

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Answer from: johnnydenali67

The statements required have been prepared below

Explanation:

The income statement extract:

Revenue $86,800

Cash expenses ($69,900)

Net income $16,900

Statement of changes in equity extract:

Retained Earnings Capital Total

$ $ $

Bal b/f nil nil nil

paid in capital 159,000 159,000

net income 16,900 - 16,900

Dividends (10,500) - (10,500)

Balance c/f 6,400 159,000 165,400

Balance sheet extract

Assets

Cash (159000+86800-69900-10500) 165,400

Total assets 165400

Shareholders' equity

Share capital 159,000

Retained earnings 6,400

Total shareholders' fund 165,400

Cash flow extract:

operating cash flow

Net income 16,900

financing activities

share capital 159,000

dividends (10,500)

Increase in cash and cash equivalent in the year 165,400

Answer from: Quest

i think it is sales-oriented, but i am not sure

Answer from: Quest

reducing the scale of the market for a new product.

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Cascade Company was started on January 1, 2018, when it acquired $159,000 cash from the owners. Duri...

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