Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $109,200 cash from Busby and $170,800 from Beatty. During Year 1, the partnership earned $67,500 in cash revenues and paid $27,350 for cash expenses. Busby withdrew $1,900 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. 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 Capital Statement Statement Balance Sheet Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) Assets Cash Stmt of Cash Flows Total assets Liabilities B&B PARTNERSHIP Balance Sheet As of December 31, Year 11 $ 314,250 0 $ 314,250
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $109,200 cash from Busby and $170,800 from Beatty. During Year 1, the partnership earned $67,500 in cash revenues and paid $27,350 for cash expenses. Busby withdrew $1,900 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. 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 Capital Statement Statement Balance Sheet Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) Assets Cash Stmt of Cash Flows Total assets Liabilities B&B PARTNERSHIP Balance Sheet As of December 31, Year 11 $ 314,250 0 $ 314,250
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 3PB
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Question
please answer statement of cash flow for b&b year
Transcribed Image Text:Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $109,200 cash from Busby
and $170,800 from Beatty. During Year 1, the partnership earned $67,500 in cash revenues and paid $27,350 for cash expenses.
Busby withdrew $1,900 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.
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
Capital
Statement Statement
Balance Sheet
Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar
amount.)
Assets
Cash
Stmt of Cash
Flows
Total assets
Liabilities
B&B PARTNERSHIP
Balance Sheet
As of December 31, Year 1
$ 314,250
0
$ 314,250
0
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