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: Ramirez and Xue Trial Balance December 31, 2012 Debit Credit Balances Balances Cash 51,700 Accounts Receivable 49,200 Supplies 1,800 Land 123,000 Building 135,400 Accumulated Depreciation-Building 76,900 Office Equipment 56,600 Accumulated Depreciation-Office Equipment 23,900 Accounts Payable 36,700 Salaries Payable 3,900 Camila Ramirez, Capital 120,000 Camila Ramirez, Drawing $5,400 Ping Xue, Capital Ping Xue, Drawing 73,800 80,000 Professional Fees Salary Expense 451,000 179,600 Check My Work 0 more Check My Work uses remaining. Avalo CONT 3006 2021-22 Parte Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscelaneous Expense 179,600 17,800 8,900 5,500 11,100 6,400 3,800 786,200 786,200 Belluca Vam Cegege Learning The balance in Xue's capital account includes an additional investment of $13,000 made on May 5, 2012. Required: 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 $61,000 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. Required: 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 $61,000 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 Professional Fees Operating expenses: Hamirez and Xue Income Statement For the Year Ended December 31, 2012 451,000 Salary Expense Depreciation Expense-Building Heating and Ughting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense Total operating expenses Net Income 179,600 Division of net income: Salary allowance Interest allowance Remaining income Net income Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total 2. Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0". Balances, January 1, 20Y2 Capital additions Net income for the year Partner withdrawals Balances, December 31, 20Y2 Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2 Camila Ramirez Ping Xue Total > 3. Prepare a balance sheet as of the end of 2012. Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets: Cash Accounts Receivable Supplies Total current assets Property, plant, and equipment: Land Building Less Accumulated Depreciation Office Equipment Less Accumulated Depreciation Total property, plant, and equip. Total assets Liabilities Current liabilities: Accounts Payable Salaries Payable Total liabilities Camila Ramirez, Capital Ping Xue, Capital Total partners' equity Total liabilities and partners' equity Liabilities Partners' Equity