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.   
Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.