\begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from operating activities: & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \end{tabular} Cascade Company was started on January 1, Year 1, when it acquired $163,000 cash from the owners, During Year 1 . the company earned cash revenues of $92,800 and incurred cash expenses of $60,700. The company also paid cash distributions of $12,000. 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. Cascode is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $65,200 and Beth Cascade invested $97,800 of the $163,000 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 recelye 60 percent of the profits and Cart to get the remaining 40 percent With regard to the $12,000 distribution, Beth withdrew $7,200 from the business and Carl withdrew $4,800 CASCADE COMPANY Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline Tssets & & \\ \hline Total Assets & & \\ \hline Eqabilities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities and equity & & \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $163,000 cash from the owners. During Year 1, the company earned cash revenues of $92,800 and incurred cash expenses of $60,700. The company also paid cash distributions of $12,000. 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.)