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4. PR. 12.03.ALGO (Algorithmic) 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, 20Y2: Ramirez and Xue Trial Balance December 31, 2012 Debit Balances Credit Balances Cash Accounts Receivable Supplies 39,900 38,000 1,400 95,000 104,600 Land 59,400 43,700 Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing Ping Xue, Capital Ping Xue, Drawing Professional Fees 18,400 28,300 3,000 100,000 42,800 57,000 61,800 341,100 Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense 138,700 13,800 6,800 4,300 8,600 4,900 2,900 607,200 607,200 The balance in Xue's capital account includes an additional investment of $10,000 made on May 5, 20Y2. Required: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provide for salary allowances of $37,000 to Ramirez and $45,000 to Xue, allowances of 10% on each partner's capital balan at the beginning of the fiscal year, and equal division of the remaining net income or net loss. For the Year Ended December 31, 2012 $ Operating expenses: $ Total operating expenses $ Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total Division of net income: $ $ $ Salary allowance Interest allowance Remaining income Net income $ $ $ 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "O". Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total $ Balances, January 1, 20Y2 $ $ Capital additions Net income for the year Partner withdrawals $ $ $ Balances, December 31, 20Y2 3. Prepare a balance sheet as of the end of 2012. Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets: Total current assets Property, plant, and equipment: tA $ Total property, plant, and equip. Total assets $ Liabilities Current liabilities: $ Total liabilities Partners' Equity $ - Total partners' equity Total liabilities and partners' equity