Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following...

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Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2012: Ramirez and Xue Trial Balance December 31, 2012 Debit Credit Balances Balances Cash 50,800 Accounts Receivable 48,400 Supplies 1,800 Land Building 121,000 132,000 Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment 75,600 55,700 23,500 Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing 36,100 3,900 120,000 54,500 Ping Xue, Capital Ping Xue, Drawing 72,600 78,700 Professional Fees 440,500 Salary Expense 176,700 Depreciation Expense-Building 17,500 Heating and Lighting Expense 8,700 Previous Next > Heating and Lighting Expense 8,700 Depreciation Expense-Office Equipment 5,400 Property Tax Expense 10,900 Supplies Expense 6,300 Miscellaneous Expense 3,800 772,200 772,200 The balance in Xue's capital account includes an additional investment of $12,000 made on May 5, 2012. Required: 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $49,000 to Ramirez and $59,000 to Xue, 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. Operating expenses: Ramirez and Xue Income Statement For the Year Ended December 31, 2012 Total operating expenses Total operating expenses Division of net income: Ramirez and Xue Division of Income For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Total Salary allowance Interest allowance Remaining income (loss) Net income 2. Prepare a statement of partnership equity for 2012. If any amounts are zero, enter in "0", Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 2012 Balances, January 1, 2012 Additional investment by partner Net income for the year Partner withdrawals Camila Ramirez Ping Xue Total Previous Next Submit Test for Grading Net income for the year Partner withdrawals Balances, December 31, 2012 3. Prepare a balance sheet as of the end of 2012. Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equip. Ramirez and Xue Balance Sheet December 31, 2012 Total current assets Property, plant, and equipment: Total property, plant, and equip. Total assets Current liabilities: Total liabilities Liabilities Partners' Equity Total partners' equity Total liabilities and partners' equity bo bo Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2012: Ramirez and Xue Trial Balance December 31, 2012 Debit Credit Balances Balances Cash 50,800 Accounts Receivable 48,400 Supplies 1,800 Land Building 121,000 132,000 Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment 75,600 55,700 23,500 Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing 36,100 3,900 120,000 54,500 Ping Xue, Capital Ping Xue, Drawing 72,600 78,700 Professional Fees 440,500 Salary Expense 176,700 Depreciation Expense-Building 17,500 Heating and Lighting Expense 8,700 Previous Next > Heating and Lighting Expense 8,700 Depreciation Expense-Office Equipment 5,400 Property Tax Expense 10,900 Supplies Expense 6,300 Miscellaneous Expense 3,800 772,200 772,200 The balance in Xue's capital account includes an additional investment of $12,000 made on May 5, 2012. Required: 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $49,000 to Ramirez and $59,000 to Xue, 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. Operating expenses: Ramirez and Xue Income Statement For the Year Ended December 31, 2012 Total operating expenses Total operating expenses Division of net income: Ramirez and Xue Division of Income For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Total Salary allowance Interest allowance Remaining income (loss) Net income 2. Prepare a statement of partnership equity for 2012. If any amounts are zero, enter in "0", Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 2012 Balances, January 1, 2012 Additional investment by partner Net income for the year Partner withdrawals Camila Ramirez Ping Xue Total Previous Next Submit Test for Grading Net income for the year Partner withdrawals Balances, December 31, 2012 3. Prepare a balance sheet as of the end of 2012. Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equip. Ramirez and Xue Balance Sheet December 31, 2012 Total current assets Property, plant, and equipment: Total property, plant, and equip. Total assets Current liabilities: Total liabilities Liabilities Partners' Equity Total partners' equity Total liabilities and partners' equity bo bo