HR Financial Statements for Partnership The lediger 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 Cash Balances Accounts Receivable 37.400 Supplies 35.600 Land 1.300 39,000 95.000 55.500 Building Accumulated Depreciation Building Office Equiment Accumulated Depreciation Office Equipment Accounts Payable Salantes Payable 40.900 17.300 26.500 2,000 26,500 Camila Ramirez Capital 2,800 90,000 40,100 53.400 57.900 321,000 Camila Ramirez, Drawing Ping Xue, Capital Ping Xue, Drawing Professional Fees Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense 129,900 12.900 5,400 4,000 3,000 4.600 2.300 The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2 566,600 566,600 1. Prepare an income statement for 2012, indicating the division of net income. The partnership agreement provides for salary allowances of 535,000 to Ramirez and 543,000 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 on net loos and X Income Statement Furthe Year Ended December 31, 2012 Operating expenses Total penting RE Ramirez and Xue Division of Income For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Total Division of net income: Salary Interest towance Remaining income Netcome 2. Prepare a statement of partnership equity for 2072. If any amounts are zero, enter in "0" minerandue statement of Partnership Equity For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Yotal Balance Say 1, 2012 RI . 2. Prepare a statement of partnership equity for 2072. If any amounts are zero, enter in to Ramirez and X Statement of Partnership Equity For the Year Ended December 31, 2012 Camila Ramirez Ping Xue Total Balances, January 1, 2012 Capital additions Net income for the year Partner withdrawal Biances, December 31, 2012 3. Prepare a balance sheets of the end of 2012 Balance sheet December 31, 2012 Assets 3. Prepare a balance sheet as of the end of 2012. Ramirez and Xue Balance Sheet December 31, 2012 Assets Current assets Total current assets Property, plant, and equipment: Total property, plant, and equip. Total assets Liabilities Current liabilities Total abilities Partners' Equity Total partners' equity Totallaties and partners equity Check Mod