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Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $158,000 cash from the owners. During Year 1, the company earned cash revenues of $83,800 and incurred cash expenses of $69,300. The company also paid cash distributions of $5,500. 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 8-20A (Algo) Part b Cascade is a partnership with two partners, Catl Cascade and Beth Cascade. Carl Cascade invested $71,100 and Beth Cascade. invested $86,900 of the $158,000 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 55 percent of the profits and Cari to get the remaining 45 percent. With regard to the $5,500 distribution, Beth withdrew $3.025 from the business and Carl withdrew $2,475 Prepare a income statement for Year 1. Prepar a capital statement for Year 1. (Deductions should be indicated by a minus Prepare a balance sheet for Year 1. Prepare a statment of cash flows for Year 1. (Cash outflows should be indicated with a minus si