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

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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 BalancesCredit Balances 
 Cash34000  
 Accounts receivable47800  
 Supplies2000  
 Land120000  
 Building157500  
 Accumulated Depreciation - Building 67200 
 Office equipment63600  
 Accumulated Depreciation - Office equipment 21700 
 Accounts Payable 27900 
 Salaries Payable 5100 
 Tyler Lambert - Capital 135000 
 Tyler Lambert - Drawings50000  
 Jayla Yost - Capital 88000 
 Jayla Yost - Drawings60000  
 Professional fees 395300 
 Salary expense154500  
 Depreciation expense - building15700  
 Property tax expense12000  
 Heating and lighting expense8500  
 Supplies expense6000  
 Depreciation expense - office equipment5000  
 Miscellaneous expense3600  
  740200740200 
     
 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.  
    • 6 years ago
    PR 12-3A - Tyler Lambert and Jayla Yost - Partnership Accounts
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