The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the follo
ID: 2589594 • Letter: T
Question
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, 20Y3:
Lambert and yost
adjusted trial balance
december 31, 20y3
The balance in Yost’s capital account includes an additional investment of $9,600 made on April 10, 20Y3
1. Prepare an income statement for 20Y3. Create a separate statement indicating the division of net income to the partners. The partnership agreement provides for salary allowances of $45,400 to Lambert and $55,100 to Yost, allowances of 10% on each partner’s capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss. Refer to the information given and the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a net loss is incurred, enter that amount as a negative number using a minus sign.
Lambert and Yost
Income statment
For the year ended December 31, 20Y3
Lambert and Yost
Allocation of net income to partners
For the year ened december
2. Prepare a statement of partnership equity for 20Y3. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If there is a decrease in partner’s equity, enter that amount as a negative number using a minus sign
Lambert and Yosy
Statement of partnershp equity
For the year ended Decembe 31, 20Y3
3. Prepare a balance sheet as of the end of 20Y3. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter current assets in order of liquidity. Enter Property, plant, and equipment in the order in which they appear on the adjusted trial balance.
Lambert and yost
balace sheet
December 31, 20Y3
account title debit credit cash 34,000 accounts receivable 47,900 supplies 1900 land 119800 building 157,200 accumulated depreciation-building 67300 office equipment 63500 accumulated depreciation-office equipment 21500 accounts payable 28200 salaries payable 4700 tyler lambert, capital 134700 tyler lambert, drawing 50000 Jayla Yost, Capital 88500 Jayla yost, Drawing 60500 professional fees 394600 salary expense 154300 depreciation expense-building 15500 property tax expense 11800 heating and lighting expense 8700 supplies expense 6000 depreciation expense 5000 miscellaneous expense 3400 totals 739500 739500Explanation / Answer
1.
2.
3.
Lambert and Yost Income Statement For the year ended December 31, 20Y3 Professional fees 394600 Operating expenses: Salaries expense 154300 Depreciation expense-building 15500 Depreciation expense-office equipment 5000 Property tax expense 11800 Heating and lighting expense 8700 Supplies expense 6000 Miscellaneous expense 3400 Total operating expenses 204700 Net income 189900Related Questions
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