chapter 8 #4 What is Busby's and Beatty's capital amount?

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 $65,100 cash from Busby and $144,900 from Beatty. During Year 1, the partnership earned $68,500 in cash revenues and paid $26,850 for cash expenses. Busby withdrew $1,500 cash from the business, and Beatty withdrew $3,100 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. 1 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. ces Income Capital Semt of Cash Statement Statement 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 $ 247,050 $ 247.050 0 Total assets Liabilities Equity F Busby, Capital J. Beatly, Capital 0 Total equity Total liabilities and equity