Question

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.



$1.99
Sales5
Views228
Comments0
  • CreatedOctober 12, 2013
  • Files Included
Post your question
5000