Required information The following information applies to the questions displayed below.) Cascade Company was started on January 1, 2018, when it acquired $169,000 cash from the owners. During 2018, the company earned cash revenues of $97.400 and incurred cash expenses of $62700. The company also paid cash distributions of $7,000. 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) b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade Carl Cascade invested $92,950 and Beth Cascade invested $76,050 of the $169,000 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 $7000 distribution, Beth withdrew $2,100 from the business and Carl withdrew $4.900 CASCADE COMPANY Balance Sheet As of December 31, 2018 Assets Cash $ 196.700 O Total Assets 196,700 Liabilities $ 0 Equity Beth Cascade, capital Carl Cascade, capital 0 Total liabilities and equity $ 0 CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 Cash flow from operating activities: Paid for expenses Receipts from revenues C S Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Proceeds from partners Paid for partners withdrawals CIP Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance S 0