Cascade Company was started on January 1, Year 1, when it acquired $167,000 cash from the owners. During Year 2, the company earned cash revenues of $83,100 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,500. 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 $108,550 and Beth Cascade invested $58,450 of the $167,000 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 65 percent of the profits and Carl to get the remaining 35 percent. With regard to the $9,500 distribution, Beth withdrew $2,850 from the business and Carl withdrew $6,650. (Amounts to be deducted should be indicated with minus sign.) *I only need help with the Balance Sheet & Statement of Cash Flows- SEE BELOW for the first two parts*

C. Cascade is a corporation. It issued 10,000 shares of $10 par common stock for $167,000 cash to start the business.

CASCADE COMPANY

Income Statement

For the Year Ended December 31, Year 1

Revenues$83,100

Expenses $65,200

Net income $17,900

CASCADE COMPANY
Capital Statement
For the Year Ended December 31, Year 1
Beginning capital balance
Plus: Capital acquired from partners	167,000
Plus: Net income	17,900
Less: Withdrawal by partners	(9,500)
Ending capital balance	$175,400