(Answered) Drake cushing and shawn tadlock started the ct partnership

Accounting

Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2013. The business acquired $70,000 cash from Cushing and $140,000 from Tadlock. During 2013, the partnership earned $75,000 in cash revenues and paid $39,000 for cash expenses. Cushing withdrew $2,000 cash from the business, and Tadlock withdrew $4,000 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 CT partnership for the 2013 fiscal year.

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