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 $83,700 cash from Busby and $186,300 from Beatty. During Year 1, the partnership earned $61,900 in cash revenues and paid $32,700 for cash expenses. Busby withdrew $3,200 cash from the business, and Beatty withdrew $5,300 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. B\&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Equity Total equity Total liabilities and equity \begin{tabular}{|ll} & \\ \hline 5 & 0 \\ \hline \end{tabular} B\&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1
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