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Need help on how to calculate stockholders capital please Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2014. The business acquired

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Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2014. The business acquired $46,920 cash from Cushing and $91,080 from Tadlock. During 2014, the partnership earned $69,800 in cash revenues and paid $33,500 for cash expenses. Cushing withdrew $3,800 cash from the business, and Tadlock withdrew $4,500 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 for the CT partnership for the 2014 fiscal year. CT PARTNERSHIP Income Statement For the Year Ended December 31, 2014 Revenues Expenses Net income $ 69,800 33,500 $ 36,300 Prepare a capital statement for the CT partnership for the 2014 fiscal year

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