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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
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
Expert Solution
steps

Step by step

Solved in 5 steps with 9 images

Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education