mework Required information Problem 11-22A Effect of business structure on financial statements LO 11-1 [The following information applies to the questions displayed below Cascade Company was started on January 1, Year 1, when it acquired $169,000 cash from the owners. During Year 2, the company earned cash revenues of $89,500 and incurred cash expenses of $64,600. The company also paid cash distributions of $10,000 Required Prepare a Year 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.) Problem 11-22A Part b b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $109,850 and Beth Cascade invested $59,150 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 remairning 35 percent, With regard to the S10,000 distribution. Beth withdrew $3,000 from the business and Carl withdrew Amounts to be deducted should be indicated with minus sign.) Income Statement For the Year Ended December 31, Year enovo