Check my work 10 Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 0.5 points Faith Busby and Jeremy Beatty started the B&B partnership on January 1. Year 1. The business acquired $73,500 cash from Busby and $136,500 from Beatty. During Year 1, the partnership earned $67,900 in cash revenues and paid $28,650 for cash expenses. Busby withdrew $3,400 cash from the business, and Beatty withdrew $5,100 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. Hint Print 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 1 Revenues $ 67.900 Expenses 28,650 Net income $ 39,250 (Income Statement Capital Statement > 10 0.5 points 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&B partnership on January 1, Year 1. The business acquired $73,500 cash from Busby and $136,500 from Beatty. During Year 1, the partnership earned $67,900 in cash revenues and paid $28,650 for cash expenses. Busby withdrew $3,400 cash from the business, and Beatty withdrew $5,100 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. 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 Hint Print 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 0 B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Plus: Capital acquired from owner (Plus: Net income Less: Withdrawal by owner Ending capital balance $ 39,250 39.250 10 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. 0.5 points Balance Sheet Stmt of Cash Flows Hint Income Capital Statement Statement Prepare a balance sheet. (Do not round Intermediate calculations and round your final answer to the nearest whole dollar amount.) Print B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash $ 0 Total assets Liabilities Equity F. Busby, Capital 3. Beatty, Capital Total equity 01 Total liabilities and equity CamLeman Salle 10 Complete this question by entering your answers in the tabs below. Income Statement Capital 0.5 points Balance Sheet Stmt of Cash Flows Statement Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) Hint Print B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Receipts from revenues Paid for expenses Net cash flow from operating activities Cash flows from investing activities: $ 0 $ 0 Net cash flow from investing activities Cash flows from financing activities: Proceeds from partners Paid for partners' withdrawals Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 0 0 0 S