12-3A Warren Reeve duchac accounting

587 Chapter 12 Accounting for Partnerships and Limited Liability Companies Lambert and Yost December 31, 2016 Credit Accounts Receivable Supplies Building Accumulated Depreciation-Building Office Equipment 34,000 47,800 2,000 120,000 157,500 67,200 63,600 21,700 27,900 5,100 135,000 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing 50,000 88,000 Jayla Yost, Capital Jayla Yost, Drawing Professional Fees 60,000 395,300 154,500 15,700 12,000 8,500 6,000 5,000 Salary Expense Depreciation Expense-Building Property Tax Expense Heating and Lighting Expense Supplies Expense Miscella sous Expense 740,200 740,200 The bolance in Yost's capital account includes an additional investment of $10,000 made April 10, 2016 structions 1. Prepare an income statement for 2016, indicating the division of net income. The partnership agreement provides for salary allowances of $45,000 to Lambert and $54,700 to Yost, allowances of 10% on each partner's capital balance at the begin- ning of the fiscal year, and equal division of the remaining net income or net loss 2 Prepare a statement of partnership equity for 2016. 3. Prepare a balance sheet as of the end of 2016