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.   

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Confirm Eligibility