Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances 51,700 Cash 49,200 Accounts Receivable 1,800 Supplies 123,000 Land 135,400 Building 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 55,400 Ping Xue, Capital Ping Xue, Drawing Professional Fees Salary Expense Depreciation Expense-Building 73,800 80,000 451,000 179,600 17,800 Heating and Lighting Expense 8,900 Depreciation Expense-Office Equipment 5,500 Check My Work 0 more Check My Work uses remaining. Assignmen Aval CONT 3006 - 2021-22 Parte eBook Depreciation Expense-Office Equipment 5,500 Property Tax Expense 11,100 Supplies Expense 6,400 Miscellaneous Expense 3,800 786,200 786,200 The balance in Xue's capital account includes an additional investment of $13,000 made on May 5, 20Y2.. Professional Fees Operating expenses: Salary Expense Depreciation Expense-Building Heating and Lighting Expense Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense. Total operating expenses Net Income. 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, 2012 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 > 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 Current liabilities: Accounts Payable Salaries Payable Check My Work 0 more Check My Work uses remaining. Assignment Score: 30 Ramirez and Xue Balance Sheet December 31, 2012 Assets Liabilities Camila Ramirez, Capital Ping Xue, Capital Total partners' equity Total liabilities and partners' equity Partners' Equity 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 ear, and equal division of the remaining net income or net loss