The general ledger of Tyler Lambert and Jayla Yost, attorneys, contains the following accounts and balances after
Question:
The general ledger of Tyler Lambert and Jayla Yost, attorneys, contains the following accounts and balances after the adjustments were recorded on December 31, 20Y3:
Lambert y Yost
ADJUSTED TRIAL BALANCE December 31, 20Y3
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Money | 33,800.00 | |
2 | accounts receivable | 47,300.00 | |
3 | supplies | 2,000.00 | |
4 | Tierra | 120,300.00 | |
5 | Building | 157,200.00 | |
6 | Accumulated Depreciation-Building | 67,700.00 | |
7 | Office team | 63,300.00 | |
8 | Accumulated Depreciation-Office Equipment | 21,900.00 | |
9 | Accounts payable | 28,400.00 | |
10 | Salaries to pay | 4,800.00 | |
11 | Tyler Lambert, Capital | 134,500.00 | |
12 | Tyler Lambert, Drawing | 50,100.00 | |
13 | Jayla Yost, Capital | 87,600.00 | |
14 | Jayla Yost, Drawing | 59,500.00 | |
15 | Professional fees | 392,600.00 | |
sixteen | Salary Expenditure | 154,100.00 | |
17 | Depreciation Expenses-Construction | 15,300.00 | |
18 | Property tax expense | 12,000.00 | |
19 | Heating and lighting expenses | 8,200.00 | |
20 | Supply expenses | 6,000.00 | |
21 | Depreciation Expenses-Office Equipment | 4,800.00 | |
22 | Miscellaneous expenses | 3,600.00 | |
23 | Totals | 737,500.00 | 737,500.00 |
Yost's capital account balance includes an additional investment of $10,500 made on April 10, 20Y3.
Accounts, labels and amount descriptions
accounts | Hang tags In CengageNOW, a label is a text entry that does not have a quantity associated with it. | Quantity Descriptions In CengageNOW, an amount description is a distinct text entry for an account that has an amount associated with it. |
Accounts payable | Current assets | Add Partner Withdrawals |
accounts receivable | current liabilities | Balance, December 31, 20Y3 |
Accumulated Depreciation-Building | operating expenses | Balance, January 1, 20Y3 |
Accumulated Depreciation-Office Equipment | Property, plant and equipment | Balances after realization |
Building | Balances before realization | |
Money | capital additions | |
Depreciation Expense-Building | Partner Withdrawals | |
Depreciation Expense-Office Equipment | Net Income | |
Heating and lighting expenses | Net loss | |
Jayla Yost, capital | Net profit for the year | |
Tierra | net loss for the year | |
miscellaneous expenses | payment of liabilities | |
Office team | Sale of assets and division of profits | |
Professional fees | total assets | |
Property tax expense | Total current assets | |
Salaries to pay | Full responsibility | |
salary expense | Total liabilities and partners' equity | |
supplies | Total equity of partners | |
Supply expenses | Total Property, plant and equipment | |
You are in the Column AccountsTyler Lambert, capital | Total operating expenses |
Required
1. Prepare an income statement for 20Y3. Create a separate statement indicating the division of net income to partners. The partnership agreement provides for salary allowances of $45,400 for Lambert and $54,200 for Yost, allowances of 10% on each partner's principal balance at the beginning of the fiscal year, and an equitable split of any remaining net income or net loss. Please refer to the information provided and the label lists and quantity descriptions provided for the exact wording of the answer choices for the text entries. If a net loss is incurred, enter that amount as a negative number using a minus sign.
2. Prepare a statement of company assets for 20Y3. Please refer to the Account Descriptions, Labels and Amounts provided for the exact wording of the answer options for the text entries. If there is a decrease in the partner's equity, enter that amount as a negative number using a minus sign.
3. Prepare un balance general al final de 20Y3.
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider