Lambert and Yost

ADJUSTED TRIAL BALANCE

December 31, 20Y3

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	34,000.00
2	Accounts Receivable	47,800.00
3	Supplies	2,000.00
4	Land	120,000.00
5	Building	157,500.00
6	Accumulated Depreciation-Building		67,200.00
7	Office Equipment	63,600.00
8	Accumulated Depreciation-Office Equipment		21,700.00
9	Accounts Payable		27,900.00
10	Salaries Payable		5,100.00
11	Tyler Lambert, Capital		135,000.00
12	Tyler Lambert, Drawing	50,000.00
13	Jayla Yost, Capital		88,000.00
14	Jayla Yost, Drawing	60,000.00
15	Professional Fees		395,300.00
16	Salary Expense	154,500.00
17	Depreciation Expense-Building	15,700.00
18	Property Tax Expense	12,000.00
19	Heating and Lighting Expense	8,500.00
20	Supplies Expense	6,000.00
21	Depreciation Expense-Office Equipment	5,000.00
22	Miscellaneous Expense	3,600.00
23	Totals	740,200.00	740,200.00

The balance in Yosts capital account includes an additional investment of $10,000 made on April 10, 20Y3.

Required:

1.

Prepare an income statement for 20Y3. Create a separate statement indicating the division of net income to the partners. The partnership agreement provides for salary allowances of $45,000 to Lambert and $54,700 to Yost, allowances of 10% on each partners capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.*

2.

Prepare a statement of partnership equity for 20Y3.*

3.

Prepare a balance sheet as of the end of 20Y3.*

* Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in partners equity, enter that amount as a negative number using a minus sign.