Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The...
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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $73,600 cash from Busby and $156,400 from Beatty. During Year 1, the partnership earned $63,000 in cash revenues and paid $44,500 for cash expenses. Busby withdrew $3,400 cash from the business, and Beatty withdrew $4,000 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.
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B\&B PARTNERSHIP Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline \multicolumn{1}{|c|}{ Cash } & $241,100 & \\ \hline & & \\ \hline Total assets & & $241,100 \\ \hline Liabilities & & \\ \hline Equity & & \\ \hline J. Beatty, Capital & & \\ \hline F. Busby, Capital & & \\ \hline \hline & & \\ \hline Total equity & & \\ \hline Total liabilities and equity & & \\ \hline \end{tabular} B\&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1
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