10 Problem: Module 3 Textbook Problem 10 Saved Help Save & Exit Submit 0.5 points H 10 10 Prin Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $90,000 cash from Busby and $160,000 from Beatty. During Year 1, the partnership earned $62,600 in cash revenues and paid $32,500 for cash expenses. Busby withdrew $3,400 cash from the business, and Beatty withdrew $3,800 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 (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. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 11 Revenues Expenses Net income S 62.600 32,500 $ 30,100 Capital Statement > Check my work 0.5 points Hint Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for E Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Print Mc Income Statement Capital Statement Stmt of Cash Balance Sheet Flows Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital Total equity Total liabilities and equity $ 272,900 $ 272,900 272,900 272,900 $ 272,900 Hint Complete this question by entering your answers in the tabs below. Print Income Statement Capital Statement Balance Sheet Stmt of Cash Flows 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 Cash flows from operating activities: 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 $ $ 0 0 Prev. 10 of 20 Next >