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I'm not sure where did i go wrong, can someone help Exercise 8-3 Effect of accounting events on the financial statements of a partnership LO
I'm not sure where did i go wrong, can someone help
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. Answer is not complete. 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 Cash X $ 66,400 Expenses 44,350 Net income $ 22.050 X Answer is not complete. Complete this question by entering your answers in the tabs below. 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 $ 260,000 Plus: Net income 22,050 Less: Withdrawal by owner Ending capital balance 6,000 $ 16,050 Answer is not complete. Complete this question by entering your answers in the tabs below. 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 Cash $ 276,050 Total assets $ 276,050 Liabilities Equity Paid-in capital in excess of cost $ 276,050 Total equity Total liabilities and equity 276,050 $ 276,050 Re 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: Receipts from revenues $ 22,050 X $ 22,050 Net cash flow from operating activities Cash flows from investing activities S 0 260,000 (6,000) Net cash flow from investing activities Cash flows from financing activities Proceeds from partners Paid for partners' withdrawals Net cash flow from financi activities Net change in cash Plus: Beginning cash balance Ending cash balance 254,000 276,050 $ 276,050Step by Step Solution
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