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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The...

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Accounting

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $78,000 cash from Busby and
$182,000 from Beatty. During Year 1, the partnership earned $65,300 in cash revenues and paid $31,750 for cash expenses. Busby
withdrew $2,600 cash from the business, and Beatty withdrew $2,800 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&B's Year 1 fiscal year.
Note: For Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. Round your profit
sharing ratio to 2 decimal places and final answers to the nearest dollar amount.
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