Question
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
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 | |
---|---|---|---|
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.
2. | Prepare a statement of partnership equity for 20Y3.* |
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 Yost |
Statement of Partnership Equity |
For the Year Ended December 31, 20Y3 |
1 |
| Tyler Lambert | Jayla Yost | Total |
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
6 |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started