Effect of accounting events on the financial statements of a partnership
Justin Harris and Paul Berryhill started the HB partnership on January 1, 2011. The business acquired $56,000 cash from Harris and $84,000 from Berryhill. During 2011, the partnership earned $65,000 in cash revenues and paid $32,000 for cash expenses. Harris withdrew $2,000 cash from the business, and Berryhill withdrew $3,000 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, balance sheet, and statement of cash flows for the HB partnership for the 2011 fiscal year.
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