Required Information The following Information applies 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 $90,200 and incurred cash expenses of $64,700. The company also peld cash distributions of $5,500. Required Prepare a 2018 Income statement, capital statement (statement of changes in equlty), 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 $91,800 and Beth Cascade Invested $61,200 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 $5,500 distribution, Beth withdrew $1,650 from the business and Carl withdrew $3,850 Answer is complete but not entirely correa, Complete this question by entering your answers in the tabs below. Inc Strnt Cap Stmt Bal Sheet Cash Flows Prepare a balance sheet for 2018. CASCADE COMPANY Balance Sheet As of December 31, 2015 Assets Car $ 173.000 0 173.000 S 0 Tatal Assets Limbot Euty Can Cascada, capit Bath Cascade ca 174.650 150.000 Des and equity Can Flow