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

Drake Cushing and Shawn Tadlock started the CT on January 1, 2013. The business acquired $70,000 cash from Cushing and $140,000 from Tadlock. During 2013, the 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 for the 2013 fiscal year.

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Transactions Cash Contributions D Cushing 70000 3333 S Tadlock 140000 6667 Total 210000 10000 Revenu... View full answer

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