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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $83.200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $39.950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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.

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $83.200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $39.950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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.

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 $83.200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300.in cash revenues and paid $39.950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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 the income statement. Stmt of Cash Flows B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 $ Capital Statement >
Transcribed Image Text:Faith Busby and Jeremy Beatty started the B&B partnership on January 1 Year 1. The business acquired $83.200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300.in cash revenues and paid $39.950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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 the income statement. Stmt of Cash Flows B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 $ Capital Statement >
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $83,200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $39,950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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 Statement Capital Statement Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.). Balance Sheet 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: Stmt of Cash Flows Net cash flow from investing activities Cash flows from financing activities: Ending cash balance Net cash flow from financing activities Net change in cash < Balance Sheet $ $ $ 0 0 10 0 0
Transcribed Image Text:Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $83,200 cash from Busby and $176,800 from Beatty. During Year 1, the partnership earned $64,300 in cash revenues and paid $39,950 for cash expenses. Busby withdrew $2,100 cash from the business, and Beatty withdrew $3,000 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 Statement Capital Statement Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.). Balance Sheet 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: Stmt of Cash Flows Net cash flow from investing activities Cash flows from financing activities: Ending cash balance Net cash flow from financing activities Net change in cash < Balance Sheet $ $ $ 0 0 10 0 0
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