1. Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2014. The business acquired $34,500 cash from Cushing and $80,500 from Tadlock. During 2014, the partnership earned $64,800 in cash revenues and paid $25,450 for cash expenses. Cushing withdrew $3,800 cash from the business, and Tadlock withdrew $5,800 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.

CT PARTNERSHIP Balance Sheet As of December 31, 2014 Assets 144,750 Cash Total assets Liabilities Stockholders' Equity Drake Cushing, Capital Shawn Tadlock, Capital Total stockholders' equity Total liabilities and stockholders' equity 144,750 0 0