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Faith busby and jeremy beatty started the b& b partnership on january 1, 2018. the business acquired $85,800 cash from busby and $134,200 from beatty. during 2018, the partnership earned $66,500 in cash revenues and paid $42,600 for cash expenses. busby withdrew $3,400 cash from the business, and beatty withdrew $5,600 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.
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Faith busby and jeremy beatty started the b& b partnership on january 1, 2018. the business acqu...
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