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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