An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
Operating expenses:
Salary expense
Depreciation expense – building
Property tax expense
Heating and lighting expense
Supplies expense
Depreciation expense – office equipment
Miscellaneous expense
Total operating expenses
Net income
Tyler Jayla
Lambert Yost Total
Division of net income:
Salary allowance
Interest allowance
Remaining income
Net income
2.
Tyler Jayla
Lambert Yost Total
Capital, January 1, 2014
Additional investment during the year
Subtotal
Net income for the year
Subtotal
For the Year Ended December 31, 2014
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LAMBERT AND YOST
Income Statement
For the Year Ended December 31, 2014
LAMBERT AND YOST
Problem 12-3A
Name:
Section:
Statement of Partnership Equity
0%
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Instructions
Withdrawals during the year
Capital, December 31, 2014
3.
Assets
Current assets:
Cash
Accounts receivable
Supplies
Total current assets
Plant assets:
Land
Building
Less accumulated depreciation
Office equipment
Less accumulated depreciation
Total plant assets
Total assets
Liabilities
Current liabilities:
Accounts payable
Salaries payable
Total liabilities
Partners’ Equity
Tyler Lambert, capital
Jayla Yost, capital
Total partners’ equity
Total liabilities and partners’ equity
LAMBERT AND YOST
Balance Sheet
December 31, 2014
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
395,300$
Operating expenses:
Salary expense 154,500$
Depreciation expense – building 15,700
2.
Tyler Jayla
Lambert Yost Total
Capital, January 1, 2014 135,000$ 78,000$ 213,000$
Additional investment during the year – 10,000 10,000
Statement of Partnership Equity
For the Year Ended December 31, 2014
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Instructions
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ON
Problem 12-3A
Name:
Solution
Section:
LAMBERT AND YOST
LAMBERT AND YOST
Income Statement
For the Year Ended December 31, 2014
