1 Problem 12-3A Name 3 Section: Score: g Key Code Instructions 9 Answers are ent

Question

1 Problem 12-3A Name 3 Section: Score: g Key Code Instructions 9 Answers are entered in the cells with gray backgrounds. 10 Cells with non-gray backgrounds are protected and cannot be edited. 11 An asterisk ( will appear to the right of an incorrect entry 13 14 1. 15 16 17 18 19 20 21 LAMBERT AND YOST Income Statement For the Year Ended December 31, 2016 Professional fees Operating expenses: Salary expense Depreciation expense - building Property tax expense Heating and lighting expense Supplies expense Depreciation expense-office equipment Miscellaneous expense 24 25 Total operating expenses Net income Lambert Yost Total 31 Division of net income: Salary allowance Interest allowance Remaining income 35 Net income 36 37 39 0 LAMBERT AND YOST Statement of Partnership Equity For the Year Ended December 31, 2016 12 Yost Total Capital, January 1, 2016 Additional investment during the year Subtotal Net income for the year Subtotal Withdrawals during the year Capital, December 31. 2016 14 5 8 0

Explanation / Answer

Aiden,Durant & Adkins Income Statement For The Year ended December 31,2012 Professional Fees $364,500 Operating exp Salary Expenses ( 40000+50000) $146,000 Deprication on building $14,500 Property Tax Exp $9,000 Heating & Lighting Exp $7,200 Supplies Exp $5,200 Deprication on Office Eqipment $4,500 Misc Exp $3,100 Total Operating Exp $189,500 $189,500 Net Income $175,000 Less 10 % Alloawance to Partner $15,000 10% of (100000+50000) Salary Allowance $90,000 Net Income $70,000 Division of Income Aiden Durant Jasmine Adkins Salary Allowance $40,000 $50,000 Intrest Allowace $10,000 $5,000 Remaing Income(70000/2) $35,000 $35,000 Net Income $85,000 $90,000 Aiden,Durant & Adkins Statement pf Partners Equity For The Year Ended December 31,2012 Aiden Durant Jasmine Adkins Capital on January 1, 2012 $100,000 $50,000 Aditional Investment During the year $10,000 Subtotal $100,000 $60,000 Net Income For the Year $85,000 $90,000 Subtotal $185,000 $150,000 Withdrawal During the Year $45,000 $65,000 Capital on December 31,2012 $140,000 $85,000 Aiden,Durant & Adkins Balance Sheet 31-Dec-12 Assets Current Assets Cash $42,000 Account Receivable $42,300 Supplies $1,500 Total Current Assets $85,800 Plant Assets Land $100,000 Buildings $108,100 Less: Accumalated Dep $62,500 $45,600 Office Equipment $46,000 Less: Accumalated Dep $19,400 $26,600 Total of Plant Assets $172,200 Total of Assets $258,000 Liabilities Current Liability Accounts Payable $29,800 Salaries Payable $3,200 Total of Current Liability $33,000 Partners Equity Aiden Durant $140,000 Jasmine Adkins $85,000 Total Partners Equity $225,000 Total of Liabilties $258,000

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