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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 Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Paid for partners' withdrawals Net cash flow from financing activities Net change in cash Less: Beginning cash balance Ending cash balance 69 69 69 $ 0 0 0 0 0 Stmt of Cash Flows 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.

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 Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Paid for partners' withdrawals Net cash flow from financing activities Net change in cash Less: Beginning cash balance Ending cash balance 69 69 69 $ 0 0 0 0 0 Stmt of Cash Flows 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Paid for partners' withdrawals Net cash flow from financing activities Net change in cash Less: Beginning cash balance Ending cash balance $ $ 0 0 0 0 0 Stmt of Cash Flows 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.
Transcribed Image Text: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 Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Paid for partners' withdrawals Net cash flow from financing activities Net change in cash Less: Beginning cash balance Ending cash balance $ $ 0 0 0 0 0 Stmt of Cash Flows 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.
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