Problem 12-5A Name: Section: Score: 0% Key Code: Key code here) instructions 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. Enter a zero in cells you would otherwise leave blank. 1. GERLOFF, CHU, AND JEWETT Statement of Partnership Liquidation For the Period February 3-28 Noncash Assets Capital Chu (25%) Cash Gerloff (50%) Jewett (25%) Liabilities + + Balances before realization a. Sale of assets and division of gain Balances after realization b. Payment of liabilities Balances after payment of liabilities c. Receipt of deficiency Balances d. Cash distributed to partners Final balances a. b. Instructions 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, 20Y3 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 Lambert Jayla Yost Total Division of net income: Salary allowance Interest allowance Remaining income Net income LAMBERT AND YOST Statement of Partnership Equity For the Year Ended December 31, 20Y3 Tyler Lambert Jayla Yost Total Capital, January 1, 20Y3 Capital additions Net income for the year Partner withdrawals Capital, December 31, 20Y3 LAMBERT AND YOST Balance Sheet December 31, 20Y3 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 equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total liabilities Partners' Equity Tyler Lambert, capital Jayla Yost, capital Total partners' equity Total liabilities and partners' equity Problem 12-5A Name: Section: Score: 0% Key Code: Key code here) instructions 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. Enter a zero in cells you would otherwise leave blank. 1. GERLOFF, CHU, AND JEWETT Statement of Partnership Liquidation For the Period February 3-28 Noncash Assets Capital Chu (25%) Cash Gerloff (50%) Jewett (25%) Liabilities + + Balances before realization a. Sale of assets and division of gain Balances after realization b. Payment of liabilities Balances after payment of liabilities c. Receipt of deficiency Balances d. Cash distributed to partners Final balances a. b. Instructions 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, 20Y3 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 Lambert Jayla Yost Total Division of net income: Salary allowance Interest allowance Remaining income Net income LAMBERT AND YOST Statement of Partnership Equity For the Year Ended December 31, 20Y3 Tyler Lambert Jayla Yost Total Capital, January 1, 20Y3 Capital additions Net income for the year Partner withdrawals Capital, December 31, 20Y3 LAMBERT AND YOST Balance Sheet December 31, 20Y3 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 equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total liabilities Partners' Equity Tyler Lambert, capital Jayla Yost, capital Total partners' equity Total liabilities and partners' equity