b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $72,450 and Beth Cascade invested $88,550 of the $161,000 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 55 percent of the profits and Carl to get the remaining 45 percent. With regard to the $10,000 distribution, Beth withdrew $5,500 from the business and Carl withdrew $4,500. Complete this question by entering your answers in the tabs below. Income Statement Statement of Changes Cash Balance Sheet Prepare a income statement for Year 1. Statement of Cash Flows CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1

D. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $72,450 and Beth Cascade invested $88,550 of the $161,000 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 55 percent of the profits and Carl to get the remaining 45 percent. With regard to the $10,000 distribution, Beth withdrew $5,500 from the business and Carl withdrew $4,500. Complete this question by entering your answers in the tabs below. Prepare a income statement for Year 1 . D. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $72,450 and Beth Cascade invested $88,550 of the $161,000 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 55 percent of the profits and Carl to get the remaining 45 percent. With regard to the $10,000 distribution, Beth withdrew $5,500 from the business and Carl withdrew $4,500. Complete this question by entering your answers in the tabs below. Prepare a income statement for Year 1