Chapter 12 Pr. 12-3A on Page 572

Warren, C., Reeve, J. and Duchac, J.Financial Accounting. 13th ed. Cengage Learning, Inc., South-Western, 2014.

Problem 12-3A Name: Section: Score: Key Code: Instructions 0% [Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. 1. LAMBERT AND YOST Income Statement For the Year Ended December 31, 2014 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 Jayla Yost Total Division of net income: Salary allowance Interest allowance Remaining income Net income 2. LAMBERT AND YOST Statement of Partnership Equity For the Year Ended December 31, 2014 Tyler Lambert Capital, January 1, 2014 Additional investment during the year Subtotal Net income for the year Subtotal Withdrawals during the year Capital, December 31, 2014 3. LAMBERT AND YOST Balance Sheet December 31, 2014 Assets Current assets