Question: How do I find equity for F. Busby and J. Beatty Capital? Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018.
How do I find equity for F. Busby and J. Beatty Capital?
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $73,600 cash from Busby and $156,400 from Beatty. During 2018, the partnership earned $64,400 in cash revenues and paid $43,950 for cash expenses. Busby withdrew $3,800 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. 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 $ 241,850 0 $ 241,850 Total assets Liabilities Equity 0 F. Busby, Capital J. Beatty, Capital 0 0 Total equity Total liabilities and equity $ 0
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