PR 12-3A - Tyler Lambert and Jayla Yost - Partnership Accounts
Question # 00089332
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Updated on: 08/06/2015 05:30 AM Due on: 08/06/2015

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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Rating:
5/
Solution: PR 12-3A - Tyler Lambert and Jayla Yost - Partnership Accounts