Question

Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2014. The business acquired...

Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2014. The business acquired $38,920 cash from Cushing and $100,080 from Tadlock. During 2014, the partnership earned $66,700 in cash revenues and paid $38,000 for cash expenses. Cushing withdrew $3,800 cash from the business, and Tadlock withdrew $4,200 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.

Prepare a balance sheet for the CT partnership for the 2014 fiscal year.

(I'm having trouble finding the stockholders' equity for each partner)

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