Pr 12-3a – tyler lambert and jayla yost – partnership accounts

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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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Pr 12-3a – tyler lambert and jayla yost – partnership accounts

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