Exercise 8-3 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, 2018. The business acquired $96,200 cash from Busby and $163,800 from Beatty. During 2018, the partnership earned $66,400 in cash revenues and paid $44,350 for cash expenses. Busby withdrew $2,900 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. Required: Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's 2018 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Capital Statement Balance Sheet Smt of Cash Fls Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, 2018 Income Statement Capital Statement Balance Sheet Smt of Cash Fls Prepare a capital statement. B&B PARTNERSHIP Capital Statement For the Year Ended December 31, 2018 Beginning capital balance Ending capital balance $ 0 Income Statement Capital Statement Balance Sheet Smt of Cash Fls Prepare a balance sheet. B&B PARTNERSHIP Balance Sheet As of December 31, 2018 Assets Total assets $ 0 Liabilities Equity Income Statement Capital Statement Balance Sheet Smt of Cash Fls Prepare a statement of cash flows. (Negative amounts should be indicated by a minus sign.) B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities $ 0 Net cash flow from investing activities Cash flow financing activities 0 Net cash flow from financing activities Net change in cash 0 $ Ending cash balance 0