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Faith Busby and Jeremy Beatty started the B&B partnership on January 1 Year 1. The business acquired $80,500 cash from Busby and $149,500 from Beatty. During Year 1, the partnership earned $66,900 in cash revenues and paid $33,500 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $4,700 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 Capital Statement Statement Balance Sheet Stmt of Cash Flows Prepare the income statement B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 Revenues $ 66.900 Expenses 33,500 Net Income $ 33.400 Capital Statement > WON Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $80,500 cash from Busby and $149,500 from Beatty. During Year 1, the partnership earned $66,900 in cash revenues and paid $33,500 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $4,700 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 a capital statement. B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance $ 230,000 Plus: Capital acquired from owner 33,400 Plus: Net income 4,700 Less: Withdrawal by owner (4.700) Ending capital balance $ 33,400 Inst Ramen Cheet Complete this question by entering your answers in the tabs below. Balance Sheet Stmt of Cash ook Income Capital Statement Statement 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 ht mit ences $ 0 Total assets Liabilities Equity 0 Total equity Total liabilities and equity $ 0 Saved He 1 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.) 12.5 paints Book B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Hint Print References $ Net cash flow from operating activities Cash flows from investing activities: 0 $ 0 Net cash flow from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 $ 0 Ending cash balance