Required Information Problem 8-20 Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.) Cascade Company was started on January 1, 2018, when it acquired $154.000 cash from the owners. During 2018, the company earned cash revenues of $91.300 and incurred cash expenses of $61700. The company also paid cash distributions of $10,500 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) Problem 8.20 Part b b. Cascade is a partnership with two partners. Cart Cascade and Beth Cascade Carl Cascade invested $107.800 and Beth Cascade Invested $46,200 of the $154.000 cash that was used to start the business. Both 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 Carlto get the remaining 45 percent. With regard to the $10.500 distribution. Both withdrew $3.150 from the business and Carl Withdrew $7.350 Complete this question by entering your answers in the tabs below. Instant Cash Caos Prepare a income statement for 2018 CASCADE COMPANY Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Inc Stant Cap Stmt Bal Sheet Cash Flows Prepar a capital statement for 2018. (Negative amount and deductible amount should be indicated E CASCADE COMPANY Capital Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Inc Sumt Cap Stmt Bal Sheet Cash Flows Prepare a balance sheet for 2018. CASCADE COMPANY Balance Sheet As of December 31, 2018 Assets Total Assets Liabilities Equity Total liabilities and equity Problem 8-20 Part b b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $107,800 and Beth Cascade Invested $46,200 of the $154,000 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 $10,500 distribution, Beth withdrew $3,150 from the business and Carl withdrew $7,350 Complete this question by entering your answers in the tabs below. Inc Sunt Cap Stmt Bal Sheet Cash Flows 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 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash Ending cash balance