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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During

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Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During 2018, the partnership earned $64,400 in cash revenues and paid $41,150 for cash expenses. Busby withdrew $3,600 cash from the business, and Beatty withdrew $4,800 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. B&B PARTNERSHIP Income Statement For the Year Ended December 31, 2018 Revenues Net income $ B&B PARTNERSHIP Capital Statement For the Year Ended December 31, 2018 Beginning capital balance Ending capital balance B&B PARTNERSHIP Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Equity Total equity Total liabilities and equity 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 olo Ending cash balance

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