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ID: 2579203 • Letter: C
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C Secure I https://new connect.mheducation.com/flow/connect.html ::: Apps Ro k marks Down nad music, m- Ru utemame Rlackboard earn The Ricklist Watch O "atm Ma es Onlir HRU Port -Top 100 M ies of A How to Dr etNa e Tool TH2 w r Rase l my it k Chap 8 Prob 20 Help Save & Exit Submit Check my work 2 Required information Part 2 of 3 The following information applies to the questions displayed belowJ Cascade Company was started on January 1, 2018, when it acquired $152,000 cash from the owners. During 2018, the company earned cash revenues of $86,700 and Incurred cash expenses of $62,900. The company also pald cash distributions of $5,500. 10 points 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) cBonk References b. Cascade is partnership with two partners, Carl Cascade and Beth Cascade, Carl Cascade invested $98,800 and Beth Cascade invested $53,200 of the $152,000 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 60 percent of the profits and Carl to get the remaining 40 percent. With regard to the $5,500 distribution, Beth withdrew $1,650 from the business and Carl withdrew $3.850 Complete this question by entering your answers in the tabs below Hill 208 AM O Type here to search 1125/201717Explanation / Answer
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Cascade company Income Statement for the year ended 31st March 2018 Particular Amount Cash Revenue as given is question 86700 Less: Cash Expenses as given in question 62900 Net Income 23800 Share of Carl Cascade @60% of profit 14280 Share of Beth Cascade @40% of profit 9520Related Questions
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