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Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $86,800 cash from Busby and $193,200 from Beatty. During Year 1, the partnership earned $63,300 in cash revenues and paid $32,250 for cash expenses. Busby withdrew $2,800 cash from the business, and Beatty withdrew $4,400 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 Catal Statement Stategbent Prepare a capital statement.. Beginning capital balance Balance Sheet B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Plus Capital acquired from owner Plus Net income Less Withdrawal by owner Ending capital balance Stmt of Cash Flows 280,000 31.050 7.200 $ 303,850 <Income Statement Balance Sheet >
Jule 3 Textbook Problems 10 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1 The business acquired $86,800 cash from Busby and $193,200 from Beatty. During Year 1, the partnership earned $63,300 in cash revenues and paid $32,250 for cash expenses. Busby withdrew $2,800 cash from the business, and Beatty withdrew $4,400 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. nts Hint D Prim 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 Assets Cash Capital Statement Total assets Liabilities Equity Prepare a balance sheet. (Do nor round intermediate calculations and round your final answer to the nearest whole dollar noro amount.) F.Busby, Capital J. Beatty Capital Balance Sheet Stmt of Cash Flows Total equity Total liabilities and equity B&B PARTNERSHIP Balance Sheet As of December 31, Year 11 $ 303,850 5 303,850 $ Saved < Capital Statement 0 Stmt of Cash Flows >
10 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $86,800 cash from Busby and $193,200 from Beatty. During Year 1, the partnership earned $63,300 in cash revenues and paid $32,250 for cash expenses. Busby withdrew $2,800 cash from the business, and Beatty withdrew $4,400 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. ts Hint Print Mc Graw 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 Balance Sheet Statement 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 Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Stmt of Cash Flows Net cash flow from financing activities Net change in cash Ending cash balance $ $ S 0 0 0 0 ***