Faith Busby and Jeremy Beatty started the B&B partnership on January Year The business acquired $ cash from Busby and
$ from Beatty. During Year the partnership earned $ in cash revenues and paid $ for cash expenses. Busby
withdrew $ cash from the business, and Beatty withdrew $ 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, balance sheet, and statement of cash flows for B&Bs Year fiscal year.
Note: For Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. Round your profit
sharing ratio to decimal places and final answers to the nearest dollar amount.
