Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $72,000 cash from Busby and $168,000 from Beatty. During 2018, the partnership earned $67,700 in cash revenues and paid $25,450 for cash expenses. Busby withdrew $3,600 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&Bs 2018 fiscal year.

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 Liabilities Equity Total equity Total liabilities and equity $ 0 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: 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 Net change in cash Ending cash balance 07