Question

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $114,000 cash from Busby and $186,000 from Beatty. During 2018, the partnership earned $65,300 in cash revenues and paid $37,200 for cash expenses. Busby withdrew $2,500 cash from the business, and Beatly withdrew $5,200 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 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 Paid for expenses Net cash flow from operating activities < Prev 2 of 5 !!! Next >

Answer 1

d.	B & B partnership
	Cash Flow statement
	For the year ending December 31, 2018
	Cash flows from operating activities:
	Revenue from operations	$       65,300
	Operating expenses	$     -37,200
	Net cash flows from operating activities		$     28,100
	Net cash from investing activities		0
	Cash flows from financing activities:
	Proceeds from partners	$   3,00,000
	Withdrawal by partners	$        -7,700
	Net cash from financing activities		$ 2,92,300
	Net increase in cash		$ 3,20,400
	Cash at the beginning of period		0
	Cash at the end of period		$ 3,20,400

If it is helpful, please rate the answer and if any doubt arises let me know