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A lot of these answers were incorrect. Can you please help me correct it? Financial Statements for Partnership The ledger of Camila Ramirez and Ping
A lot of these answers were incorrect. Can you please help me correct it? Financial Statements for Partnership 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 Ine Datance in xue' capital account inciudes an additional investment of $12, vuu maoe on may 3 , 20 . 2 . The balance in Xue' capital account includes an additional investment of $12,000 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 \$45,000 to Ramirez and $55,000 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. 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". 3. Prepare a balance sheet as of the end of 20Y2
A lot of these answers were incorrect. Can you please help me correct it?
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