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 $72,600 cash from Busby and $147,400 from Beatty. During Year 1, the partnership earned $63,400 in cash revenues and paid $29,550 for cash expenses. Busby withdrew $1,800 cash from the business, and Beatty withdrew $5,900 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, balance sheet, and statement of cash flows for B&Bs Year 1 fiscal year.
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