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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $65,100 in cash revenues and paid $42,750 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $2,500 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 Revenues Expenses Net income $ 0 < Income Statement Capital Statement >
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $65,100 in cash revenues and paid $42,750 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $2,500 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a capital statement. B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Plus: Capital acquired from owner Plus: Net income Less: Withdrawal by owner Ending capital balance $ 0 < Income Statement Balance Sheet >
Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash $ o Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital Total equity Total liabilities and equity 0 0 $ < Capital Statement Stmt of Cash Flows >
Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues $ 0 Paid for expenses Net cash flow from operating activities Cash flows from investing activities: Proceeds from partners $ 0 Net cash flow from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0 < Balance Sheet Stmt of Cash Flows)