The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after...

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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, 20Y2 Debit Balances 44,100 Credit Balances Cash Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment 42,000 1,600 105,000 113,000 65,600 48,300 Accumulated Depreciation-Office Equipment 20,400 Accounts Payable 31,300 Salaries Payable 3,400 Camila Ramirez, Capital 110,000 Camila Ramirez, Drawing 47,300 Ping Xue, Capital Ping Xue, Drawing 63,000 68,300 Professional Fees 375,000 Salary Expense 153,300 Depreciation Expense-Building 15,200 Heating and Lighting Expense 7,600 Depreciation Expense-Office Equipment 4,700 Property Tax Expense 9,500 Supplies Expense 5,500 Miscellaneous Expense 3,300 668,700 668,700 The balance in Xue's capital account includes an additional investment of $11,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $40,000 to Ramirez and $49,000 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: Total operating expenses Division of net income: Salary allowance Interest allowance Remaining income (loss) Net income 2. Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez $ Ping Xue Total Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". Balances, January 1, 20Y2 Additional investment by partner Net income for the year Partner withdrawals Balances, December 31, 20Y2 Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez 3. Prepare a balance sheet as of the end of 20Y2. Assets Current assets: 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 Ramirez and Xue Balance Sheet December 31, 20Y2 Ping Xue Total 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, 20Y2 Debit Balances 44,100 Credit Balances Cash Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment 42,000 1,600 105,000 113,000 65,600 48,300 Accumulated Depreciation-Office Equipment 20,400 Accounts Payable 31,300 Salaries Payable 3,400 Camila Ramirez, Capital 110,000 Camila Ramirez, Drawing 47,300 Ping Xue, Capital Ping Xue, Drawing 63,000 68,300 Professional Fees 375,000 Salary Expense 153,300 Depreciation Expense-Building 15,200 Heating and Lighting Expense 7,600 Depreciation Expense-Office Equipment 4,700 Property Tax Expense 9,500 Supplies Expense 5,500 Miscellaneous Expense 3,300 668,700 668,700 The balance in Xue's capital account includes an additional investment of $11,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $40,000 to Ramirez and $49,000 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: Total operating expenses Division of net income: Salary allowance Interest allowance Remaining income (loss) Net income 2. Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez $ Ping Xue Total Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". Balances, January 1, 20Y2 Additional investment by partner Net income for the year Partner withdrawals Balances, December 31, 20Y2 Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez 3. Prepare a balance sheet as of the end of 20Y2. Assets Current assets: 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 Ramirez and Xue Balance Sheet December 31, 20Y2 Ping Xue Total