2024 – PR 12 3A Tyler Lambert and Jayla Yost Partnership Accounts PR 12 3A Financial Statements for partnershaip
PR 12-3A – Tyler Lambert and Jayla Yost – Partnership Accounts – 2024
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. | ||||
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