sips, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1,...
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sips, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1 The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $66,400 in cash revenues and paid $36.000 for cash expenses. Busby withdrew $3.300 cash from the business, and Beatty withdrew $3,400 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 Year 1 fiscal year Complete this question by entering your answers in the tabs below. Income Statement Stmk of Cash Flows Prepare the income statement. BAD PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 $ Stevenues Expenses Not income Capital Statement Balance Sheet $ 66,400 (3.000) 30,400 Capital Statement > 0.5 points Hind Print Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $66,400 in cash revenues and paid $36,000 for cash expenses. Busby withdrew $3,300 cash from the business, and Beatty withdrew $3,400 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 Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Prepare a capital statement. Balance Sheet Stmt of Cash Flows B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Less: Capital acquired from owner Plus: Net income Ending capital balance $ 280,000 (6,700) 30,400 $ 23,700 Income Statement Balance Sheet > 0.5 points Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Stmt of Cash Flows ya Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dular amount.) Assots Cash Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Total equity Total liabilities and equity $ 316,000 $ 310,000 $ <Capital Statement 0 0 Stmt of Cash Flows > Check my work 10 0.5 points H PIV Complete this question by entering your answers in the tabs below. Capital Statement Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) BAB PARTNERSHIP Statement of Cash Flows Income Statement Balance Sheet For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues 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 Stent of Cash Flows Paid for partners withdrawals Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance S 66,400 (36,000) 280,000 (6,700) < Balance Sheet $ $ 30,400 0 273,300 303,700 $ 303,700 Sent of Cash Flow Check my work sips, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1 The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $66,400 in cash revenues and paid $36.000 for cash expenses. Busby withdrew $3.300 cash from the business, and Beatty withdrew $3,400 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 Year 1 fiscal year Complete this question by entering your answers in the tabs below. Income Statement Stmk of Cash Flows Prepare the income statement. BAD PARTNERSHIP Income Statement For the Year Ended December 31, Year 1 $ Stevenues Expenses Not income Capital Statement Balance Sheet $ 66,400 (3.000) 30,400 Capital Statement > 0.5 points Hind Print Problem: Module 3 Textbook Problem 10 Learning Objective: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $89,600 cash from Busby and $190,400 from Beatty. During Year 1, the partnership earned $66,400 in cash revenues and paid $36,000 for cash expenses. Busby withdrew $3,300 cash from the business, and Beatty withdrew $3,400 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 Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Prepare a capital statement. Balance Sheet Stmt of Cash Flows B&B PARTNERSHIP Capital Statement For the Year Ended December 31, Year 1 Beginning capital balance Less: Capital acquired from owner Plus: Net income Ending capital balance $ 280,000 (6,700) 30,400 $ 23,700 Income Statement Balance Sheet > 0.5 points Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Stmt of Cash Flows ya Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dular amount.) Assots Cash Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital B&B PARTNERSHIP Balance Sheet As of December 31, Year 1 Total equity Total liabilities and equity $ 316,000 $ 310,000 $ <Capital Statement 0 0 Stmt of Cash Flows > Check my work 10 0.5 points H PIV Complete this question by entering your answers in the tabs below. Capital Statement Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) BAB PARTNERSHIP Statement of Cash Flows Income Statement Balance Sheet For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues 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 Stent of Cash Flows Paid for partners withdrawals Net cash flow from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance S 66,400 (36,000) 280,000 (6,700) < Balance Sheet $ $ 30,400 0 273,300 303,700 $ 303,700 Sent of Cash Flow Check my work
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a Income statement for the year ending Dec 31 Year 1 for BB Partnership Description Amount Cash Reve... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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