An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
Operating expenses:
Salary expense
Depreciation expense – building
Heating and lighting expense
Depreciation expense – office equipment
Property tax expense
Supplies expense
Miscellaneous expense
Total operating expenses
Net income
Camilla Ping
Ramirez Xue Total
Division of net income:
Salary allowance
Interest allowance
Remaining income (loss)
Net income
2.
Camilla Ping
Ramirez Xue Total
Capital, January 1, 2014
Additional investment during the year
Subtotal
Net income for the year
Subtotal
0%
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Problem 12-3B
Name:
Section:
RAMIREZ AND XUE
Statement of Partnership Equity
For the Year Ended December 31, 2014
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RAMIREZ AND XUE
Income Statement
For the Year Ended December 31, 2014
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
Camila Ramirez, capital
Ping Xue, capital
Total partners’ equity
Total liabilities and partners’ equity
Balance Sheet
December 31, 2014
RAMIREZ AND XUE
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
555,300$
Operating expenses:
Salary expense 384,900$
Depreciation expense – building 12,900
2.
Camilla Ping
Ramirez Xue Total
Capital, January 1, 2014 125,000$ 135,000$ 260,000$
Income Statement
For the Year Ended December 31, 2014
Problem 12-3B
Name:
Solution
Section:
ON
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Instructions
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RAMIREZ AND XUE
RAMIREZ AND XUE
Statement of Partnership Equity
For the Year Ended December 31, 2014
