Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, 2018, when it acquired $168,000 cash from the owners. During 2018, the company earned cash revenues of $87,000 and incurred cash expenses of $69,200. The company also paid cash distributions of $8,000. 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.) Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $109,200 and Beth Cascade invested $58,800 of the $168,000 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 $8,000 distribution, Beth withdrew $2,400 from the business and Carl withdrew $5,600.

Prepare a balance sheet for 2018.

CASCADE COMPANY
Balance Sheet
As of December 31, 2018
Assets
Total Assets		0
Liabilities
Equity
Total liabilities and equity		$0

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:
Receipts from revenues
Net cash flow from operating activities		$0
Cash flows from investing activities		0
Cash flows from financing activities:
Net cash flow from financing activities		0
Net change in cash		0
Ending cash balance