b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $60.400 and Beth Cascade invested $90,600 of the $151,000 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 $11.500 distribution, Beth withdrew $6,900 from the business and Carl withdrew $4,600 Complete this question by entering your answers in the tabs below. Inc Strmt Stmt of Changes Bal Sheet Cash Flows Prepare a Income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Samt of Changes Problem 8-20A (Algo) Part b b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $60,400 and Beth Cascade Invested $90,600 of the $151,000 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 $11,500 distribution, Beth withdrew $6,900 from the business and Carl withdrew $4,600 Complete this question by entering your answers in the tabs below. Stunt of Inc Semt Changes Bal Sheet Cash Flows Prepar a capital statement for Year 1. (Deductions should be indicated by a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, Year 1 0 Ine Simmt Balet Complete this question by entering your answers in the tabs below. Cash Flows Stmt of Inc Stmt Changes Bal Sheet Prepare a balance sheet for Year 1. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Aws Unis Equity Total Vites and equity 0 Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statment of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flown from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities 0 Netcash flow from financing activities Not change in cash 0 Ending cash balance $ 0 Bal Sheet