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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1....

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Accounting

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $44,000 cash from Busby and $66,000 from Beatty. During Year 1, the partnership earned $42,000 in cash revenues and paid $18,400 for cash expenses. Busby withdrew $2,000 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.

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 $0
Cash flows from investing activities:
Net cash flow from investing activities $0
Cash flows from financing activities:
Net cash flow from financing activities 0
Net change in cash 0
Ending cash balance $0
  • Balance Sheet
  • Stmt of Cash Flows

Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&Bs Year 1 fiscal year.

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