Required information Problem 8-20 Effect of business structure on financial statements LO 8-1 [The following information applles to the questions displayed below.) Cascade Company was started on January 1, 2018, when it acquired $153,000 cash from the owners. During 2018, the company earned cash revenues of $99,900 and incurred cash expenses of $61,800. The company also paid cash distributions of $7,500 Required Prepare a 2018 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.) s Problem 8-20 Part b b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $99,450 and Beth Cascade invested $53,550 of the $153,000 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 Carlto get the remaining 35 percent. With regard to the $7500 distribution, Beth withdrew $2,250 from the business and Carl withdrew $5.250. Required information b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $99.450 and Beth Cascade invested $53,550 of the $153,000 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 Carlto get the remaining 35 percent. With regard to the $7,500 distribution, Beth withdrew $2,250 from the business and Carl withdrew $5,250. Complete this question by entering your answers in the tabs below. Inc Stmt Cap Stmt Bal Sheet Cash Flows Prepare a income statement for 2018. CASCADE COMPANY Income Statement For the Year Ended December 31, 2018 $ Kim Cap Stmt > 2 of 3 Complete this question by entering your answers in the tabs below. ts Inc Stmt eBook Cap Stmt Bal Sheet Cash Flows ACK Print Prepar a capital statement for 2018. (Negative amount and deductible amount should be indicated by a minus sign.) CASCADE COMPANY Capital Statement For the Year Ended December 31, 2018 eferences 0 Required information complete this question by entering your answers in the taps perow. of 3 Inc Stmt Cap Stmt Bal Sheet Cash Flows Prepare a balance sheet for 2018, CASCADE COMPANY Balance Sheet As of December 31, 2018 OK K Assets nt ences 0 Total Assets Liabilities Equity Total liabilities and equity $ 0 5 Required information Inc Stmt art 2 of 3 Cap Stmt Bal Sheet Cash Flows 22 ints Prepare a statment of cash flows for 2018. (Negative amount and deductible amount should be indicated by a minus sign.) CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 Cash flow from operating activities eBook Ask Print References $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0