finance-Warren, C., Reeve, J. and Duchac, J. Financial Accounting. 13th ed
QUESTION
Problem 12-3A
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1.
LAMBERT AND
YOST
Income
Statement
For the Year
Ended December 31, 2014
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
Jayla
Lambert
Yost
Total
Division of net income:
Salary allowance
Interest allowance
Remaining income
Net income
2.
LAMBERT AND
YOST
Statement of
Partnership Equity
For the Year
Ended December 31, 2014
Tyler
Jayla
Lambert
Yost
Total
Capital, January 1, 2014
Additional investment during the year
Subtotal
Net income for the year
Subtotal
Withdrawals during the year
Capital, December 31, 2014
3.
LAMBERT AND
YOST
Balance
Sheet
December 31,
2014
Assets
Current assets:
Cash
Accounts receivable
Supplies
Total current assets
Plant assets:
Land
Building
Less accumulated
depreciation
Office equipment
Less accumulated
depreciation
Total plant assets
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
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