The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y3:

Lambert and yost

adjusted trial balance

december 31, 20y3

account title	debit	credit
cash	34,000
accounts receivable	47,900
supplies	1900
land	119800
building	157,200
accumulated depreciation-building		67300
office equipment	63500
accumulated depreciation-office equipment		21500
accounts payable		28200
salaries payable		4700
tyler lambert, capital		134700
tyler lambert, drawing	50000
Jayla Yost, Capital		88500
Jayla yost, Drawing	60500
professional fees		394600
salary expense	154300
depreciation expense-building	15500
property tax expense	11800
heating and lighting expense	8700
supplies expense	6000
depreciation expense	5000
miscellaneous expense	3400
totals	739500	739500

The balance in Yosts capital account includes an additional investment of $9,600 made on April 10, 20Y3

Accounts	Lables	amount description
accounts payable	current assets	Add partner withdrawals
Accounts receivable	Current liabilities	Balance, December 31, 20Y3
Accumulated depreciation-Building	Operating expenses	Balance, January 1, 20Y3
Accumulated depreciation-Office equipment	Property, plant, and equipment	Balances after realization
building		Balances before realization
cash		Capital additions
Depreciation expense-Building		Partner withdrawals
Depreciation expense-Office Equipment		Net income
Heating and lighting expense		Net loss
Jayla Yost, capital		Net income for the year
land		Net loss for the year
Miscellaneous expense		Payment of liabilities
Office equipment		Sale of assets and division of gain
Professional fees		total assets
Property tax expense		Total current assets
Salaries payable		Total liabilities
Salary expense		Total liabilities and partners equity
Supplies		Total partners equity
Supplies expense		Total Property, plant, and equipment
Tyler Lambert, capital		Total operating expenses

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 $45,400 to Lambert and $55,100 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. Refer to the information given and the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a net loss is incurred, enter that amount as a negative number using a minus sign.

Lambert and Yost

Income statment

For the year ended December 31, 20Y3

Lambert and Yost

Allocation of net income to partners

For the year ened december

	tyler lambert	Jayla Yost	total
division of net income:
Salary allowance
Interest allowance
Remaining income (loss) (1:1)
net income

2. Prepare a statement of partnership equity for 20Y3. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If there is a decrease in partners equity, enter that amount as a negative number using a minus sign

Lambert and Yosy

Statement of partnershp equity

For the year ended Decembe 31, 20Y3

	Tyler lamber	Jayla yost	total
net income for the year

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. Enter current assets in order of liquidity. Enter Property, plant, and equipment in the order in which they appear on the adjusted trial balance.

Lambert and yost

balace sheet

December 31, 20Y3

assets
Liabilities
partners equity