Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $44,000 cash from Busby and $66,000 from Beatty. During Year 1, the partnership earned $42,000 in cash revenues and paid $18,400 for cash expenses. Busby withdrew $2,000 cash from the business, and Beatty withdrew $2,500 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, 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 Statement of Cash Flows Prepare a balance sheet for B&B's Year 1 fiscal year. B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash Total assets Liabilities Equity $ 129,100 + F. Busby, Capital J. Beatty, Capital $ 51,440 77,660 Total equity $ 129.100 129,100 < Prev 2 of 7 Next > ces Income Statement Capital Statement Statement of Balance Sheet Cash Flows. Prepare a balance sheet for B&B's Year 1 fiscal year. B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Assets Cash Total assets Liabilities $ 129,100 Equity F. Busby, Capital $ 51,440 J. Beatty, Capital 77,660 Total equity Total liabilities and equity < Capital Statement $ 129,100 129,100 $ 129,100 Statement of Ca Income Statement Capital Statement Balance Sheet Statement of Cash Flows. Prepare a statement of cash flows for B&B's Year 1 fiscal year. (Enter cash outflows. B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: es Paid for expenses Net cash flow from operating activities Cash flows from investing activities 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 + 110,000 (4,500) $ 0 $ 105,500 105,500 $ 105,500 < Balance Sheet Statement of Cach Flo