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The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31,20 Y: The
The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31,20 Y: The balance in Yost's capital account includes an additional investment of $10,200 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 $44,700 to Lambert and $55,100 to Yost, allowances of 10% on each partner's 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. Accounts. Labels and Amount Descriotions 2. Prepare a statement of partnership equity for 20Y3. 3. Prepare a balance sheet as of the end of 20Y3
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