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b. Casicade is a partnership with two partners. Carl Cascade and Beth Cascade Cat Coscade irvested \$67,200 and Beth Cascade Invested $100900 of the $168.000 cash thet was tised to start the bosiness. Beth was expected to assume the vast majonty of the responsibility for operating the business. The partnership agreement called for Beth to recelve 60 percent of the profas and Cact to get the remoining 40 percent. With regard to the $10,000 distribution, Beth withdiew $6.000 from the business and Carl withdrew $4,000 Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1 . $4,000 Complete this question by entering your answers in the tabs below. Prepare a statment of cash flows for Year 1. Note: Cosh outflows should be indicated with a frinus sign. Required information The following information applies to the questions displayed betow] Cascade Company was stanted on January 1 . Year 1 , when it acquired $168,000 cash from the owners. Duting Year 1 , the company earned cash revenues of $92.200 and incurred cash expenses of $69200. The company also paid cash distributions of $10,000. Required Prepare a Vear 1 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 wath two partners, Car Cascade and Beth Cascade. Carl Cascade invested $67200 and Beth Cascade invested $100.800 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 60 percent of the profits and Cart to get the remaining 40 percent Wath regard to the $10,000 distribution, Beth withdrew $6,000 from the business and Cart withdrew $4,000 Complete this question by entering your answers in the tabs below. Prepar a capital stotement for vear 1 . Notes Deductions should be indicated by a minus sugn. Aequired information compary earned cash revenues of $92.200 and incurred cash experstes of $69200. The conpany aba pad cash dintibution of $10000. Aeculied casi fows under efich of the following awsimptions (Consider each assumption separately) b. Cascade is a partnership with two partners. Cari Cavcade and Beth Cakade Car Cascode urvested $67200 and Eleth Cascade $4,000. Compiete this question by entering your answers in the tabs beliew