Pr 12-3a – tyler lambert and jayla yost – partnership accounts

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.   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer