10 Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 0.5 points Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $74,400 cash from Busby and $165,600 from Beatty. During Year 1, the partnership earned $68,200 in cash revenues and paid $40,900 for cash expenses. Busby withdrew $3,800 cash from the business, and Beatty withdrew $4,100 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. Hint Print Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your nswers in the tabs below. Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare the income statement. B&B PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 odule 3 Textbook Problems i Saved 10 Income Statement Capital Statement Balance Sheet Stmt of Cash Flows 2.5 points Prepare the income statement. B&B PARTNERSHIP Hint Income Statement For the Year Ended December 31, Year 1 Print $ 0 Capitals Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a capital statement. B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Ending capital balance 5 0 * Income Statement Balance Sh Income Statement Capital Statement Balance Sheet Stmt of Cash Flows Prepare a balance sheet. (Do not round intermediate calculations and roun amount.) B&B PARTNERSHIP Balance Sheet As of December 31. Year 1 Assets Total assets $ 0 Liabilities Equity Total equity Total liabilities and equity 0 S 0 Capital Statement Strut of Cast Prey 10 of 20 miepare a statement vi Cash HUWS. (Lasn UULITUWS Sivuiu verwurdeu VIII B&B PARTNERSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: $ 0 Net cash flow from investing activities Cash flows from financing activities: S 0 Net cash flow from financing activities Net change in cash 0 0 Ending cash balance $ 0 0 e Balance Sheet