PR 12-3A - Tyler Lambert and Jayla Yost - Partnership Accounts

Question # 00089332 Posted By: ACCOUNTS_GURU Updated on: 08/06/2015 05:30 AM Due on: 08/06/2015
Subject Accounting Topic Accounting Tutorials:
Question
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PR 12-3A Financial Statements for partnershaip
The ledger of Tyler Lambert and Jayla Yost, attorneys at law, contains the following accounts and balances after adjustments have been recorded on December 31, 2016:
Lambert and Yost
Trial Balance
December 31, 2016
Debit Balances Credit Balances
Cash 34000
Accounts receivable 47800
Supplies 2000
Land 120000
Building 157500
Accumulated Depreciation - Building 67200
Office equipment 63600
Accumulated Depreciation - Office equipment 21700
Accounts Payable 27900
Salaries Payable 5100
Tyler Lambert - Capital 135000
Tyler Lambert - Drawings 50000
Jayla Yost - Capital 88000
Jayla Yost - Drawings 60000
Professional fees 395300
Salary expense 154500
Depreciation expense - building 15700
Property tax expense 12000
Heating and lighting expense 8500
Supplies expense 6000
Depreciation expense - office equipment 5000
Miscellaneous expense 3600
740200 740200
The balance in Yost's Capital accounts includes an additional investment of $10,000 made on April 10, 2016
Instructions:
1. Prpepare an income statement for 2016, indicating the division of net income. The partnership agreement provides for salary allowances of $45,000 to Lambert and $54,700 to Yost, allowance of 10% on each partner's capital balance at the beginning of the fisical year, and equal division of the remaining net income or net loss.
2. Prepare a statement of partnership equity for 2016.
3. Prepare a balance sheet as of the end of 2016.
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