1 10 points eBook Hint Exercise 8-3A (Algo) Effect of accounting events on the financial statements of a partnership LO 8-1 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $93,600 cash from Busby and $146,400 from Beatty. During Year 1, the partnership earned $67,800 in cash revenues and paid $35,500 for cash expenses. Busby withdrew $3,000 cash from the business, and Beatty withdrew $4,500 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. Print Income Statement Capital Statement Balance Sheet Stmt of Cash Flows References Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 $ o Capital Statement > 1 10 points eBook Exercise 8-3A (Algo) Effect of accounting events on the financial statements of a partnership LO 8-1 Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $93,600 cash from Busby and $146,400 from Beatty. During Year 1, the partnership earned $67,800 in cash revenues and paid $35,500 for cash expenses. Busby withdrew $3,000 cash from the business, and Beatty withdrew $4,500 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. Print Income Statement Capital Statement Stmt of Cash Balance Sheet Flows References Prepare a capital statement. B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance $ 10 points 1 $146,400 from Beatty. During Year 1, the partnership earned $67,800 in cash revenues and paid $35,500 for cash expenses. Busby withdrew $3,000 cash from the business, and Beatty withdrew $4,500 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. eBook Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Him Print Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) References Assets Total assets Liabities Equity Total equity B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Total liabilities and equity $ 0 10 1 Year 1 fiscal year. Complete this question by entering your answers in the tabs below. points Income Statement Capital Statement Balance Sheet Stmt of Cash Flows eBook Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Hint Cash flows from operating activities: Print References Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash $ 0 $ 0 0 0 Ending cash balance $ 0 < Balance Sheet Stmt of Cash Flows >