0 Required information The following information applies to the questions displayed below Cascade Company was started on January 1, Year 1, when it acquired $166,000 cash from the owners. During Year 2, the company eaned cash revenues of $88,300 and incurred cash expenses of $62.000. The company also paid cash distributions of $7000. 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 $99,600 and Beth Cascade rt 1 of 2 invested $66,400 of the $166,000 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 $7000 distribution, Beth withdrew $2.100 from the business and Carl withdrew $4,900. (Amounts to be deducted should be indicated with minus sign.) nts CASCADE COMPANY Income Statement For the Year Ended December 31. Year 1 eBook Ask Print eferences is Book CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 Ask Print erences C Part 1 of 2 CASCADE COMPANY Balance Sheet As of December 31, Year 1 10 points Assets eBook Ask Total Assets Print Equity Total liabilities and equity f 2 CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities ces Net cash flow from financing activities Net change in cash Ending cash balance 1 2 of 8 lB