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eBook Printem Financial Statements for Partnerships The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been

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eBook Printem Financial Statements for Partnerships 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 70,200 Accounts Receivable 33,600 Supplies 5,800 Land 120,000 175.000 80,000 Building Accumulated Depreciation Building Office Equipment Accumulated Depreciation - Office Equipment 42,000 25,300 Accounts Payable 12.400 10,000 Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing 125.000 35,000 Ping Xue, Capital 155,000 50,000 Ping Xue, Drawing Professional Fees 555.300 394,900 Salary Expense Depreciation Expense-Building 12.900 10,500 0,300 Heating and lighting Expense Depredation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense 3,200 3,000 2,500 95,000 963.000 The balance in Xue's capital account includes an additional investment of $20,000 made on May 2012 Required: 1. Prepare an income statement for 2012, Indicating the division of income. The partnership agreement provides for salary allowances of 550,000 to Ramirez and $65.000 toxu, allowances of 12% on each partner's capital balance at the beginning of the fact year, and equal division of the remaining net income or Dutlo eBook Print Item 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of $50,000 to Ramirez and $65,000 to Xue, allowances of 12% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net Income or net loss. ht Operating expenses Total operating expenses Division Inc camil amire Total Division of net incomo: Salary allowance Interest allowance Remaining Income loss) Not income 2. Prepare a statement of partnership equity for 2042. If any amounts are zero, enter in Balines, January 1, 2012 Capital ions Net Income for the year ebook In Foothe Year Ober? Camila Ramin Pingue Total Balances, January 1, 2012 Capital additions Net Income for the year Partner withdrawals Baloces, December 31, 2012 3. Prepare a balance sheet as of the end of 2012 Balance Sheet Dr1202 Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equip Total sets Current liabilities Total liabilities Total partners gulty

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