10

Prepare a capital statement. Problem: Module 3 Textbook Problem 10 Learning Objective: 3.9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B\&8 partnership on January 1, Year 1. The business acquired $89,900 cash from Busby and $200,100 from Beatty. During Year 1 , the partnership earned $63,200 in cash revenues and paid $41,200 for cash expenses. Busby withdrew $3,500 cash from the business, and Beatty withdrew $3,900cash. 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\&8's Year 1 fiscal yoar. Complete this question by entering your answers in the tabs below. Prepare the income statement. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest w amount.) Complete this question by entering your answers in the tabs below. Prepare the income statement