47 80000 157,50000 Office Equipment 63,600 00 Salaries Payable Tyler Lambert Cap

Question

47 80000 157,50000 Office Equipment 63,600 00 Salaries Payable Tyler Lambert Capita Tyler Lambert, Dawing Professional Fees 95 300 00 Salary Expense Propenty Tax Expese Meating and Lighting Expensr Supplies Experse Depreciation Expse-Oficr Equipmen Miscelianeous Experse Totals 40,20000 740200.00 The balancos in Yoa's capital account includes an addional invesent of $10,000 made on Apri 10, 201s 1. Prepare an income stalement for 20Y3 Create a separate ttement indicating the division of net income to the partners. The partershp and $54,700 to Yout allewances of 10% on each partner's capial balance a grvement provides for salury alowances of $45,000 to Lambert he begihning of the fscal year and equal dvision of tne remahing net income or net los Prepare a statement of partnership equity for 20Ya 3. Prspare a balance sheet as of the end of 20Y tar to the Accounts, Labels and Amount Desorpationa prowided for the exst wording of the answer choices for beet entries ita net lossa 1077952

Explanation / Answer

Lambert and Yoat Income statement For the year ended December 31, 20x3 Professional fees 395300 Less Salary expense 154500 Depreciation Expense - Building 15700 Property tax expense 12000 Heating and lighting expense 8500 Supplies expense 6000 Depreciation Expense - office equipment 5000 Miscelleneous expense 3600 Total operating expenses 205300 Net Income 190000 Lambert and Yoat Allocation of Income to partners For the year ended December 31, 20x3 Lambert Yoat Total Division of net Income Salary allowance 45000 54700 99700 Interest allowance 13500 7800 21300 Remaining Income (Ratio 1:1) 34500 34500 69000 Net Income 93000 97000 190000 Lambert and Yoat Statement of Partner's equity For the year ended December 31, 20x3 Lambert Yoat Total Balance - beginning 135000 78000 213000 Additional investment during the year 10000 10000 135000 88000 223000 Share of Net Income 93000 97000 190000 228000 185000 413000 Withdrawals during the year 50000 60000 110000 Balance - Ending 178000 125000 303000 Lambert and Yoat Balance Sheet As on December 31, 20x3 Assets Current Assets Cash 34000 Accounts receivable 47800 Supplies 2000          Total Current Assets 83800 Plant Assets Land 120000 Building                                         $157500 Less: Accumulated dep.             67,200 90300 Office equipment                      $63,600 Less: Accumulated dep.              21,700 41900      Total Plant Assets 252200               Total Assets 336000 Liabilites Current Liabilites Accounts payable 27900 Salaries payable 5100           Total Liabilites 33000 Partner's Equity Lambert' Capital 178000 Yoat's capital 125000    Total Partner's Equity 303000 Total Liabilities and Partner's Equity 336000

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