Required information Problem 8-20 Effect of business structure on financlal statements LO 8-1 The following information applies to the questions displayed below] Cascade Company was started on January 1. 2018, when It acquired $60000 cash from the owners. During 2018, the company earned cash revenues of $35,000 and incurred cash expenses of $18100. The company also pald cash distributions of $4,000 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 p Invested $36,000 of the $60.000 cash that was esed to start responslbility for operating the business. The padnership agreement called for Beth to recelve 60 percent of the profits and Carl to artners, Carl Cascade and Beth Cascade Carl Cascade l vested $24,000 and Beth Cascade the business. Beth was expected to assume the vast majority of the the remaining 40 percent. With regard to the $4000 distribution. Beth withdrew $2.400 from the business and Carl withdrew $1,600 lapile clatement statement of changes in equity. balar cash flows under each of the following assumptions. (Consider each assumption separatey Problem 8-20 Part b b. Cascade Is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade Inve Invested $36,000 of the $60,000 cash that was used to start the business. Beth was expected responsibility for operating the business. The partnership agreement called for Beth to get the remaining 40 percent With regard to the $4,000 distribution, Beth wthdrew $2.400 fro $1600. recelve Complete this question by entering your answers in the tabs below. I Inc Strnt Cap Strnt Bal Sheet | Cash Flows | Prepar a capital statement for 2018. (Negative amount and deductible amount should be indicated by a CASCADE COMPANY Capital Statement For the Year Ended December 31, 2018 Plus Capital acquired from partners Net income drawal by partners Ending capital balance Bal Sheet> Prey e here to search