finance-Warren, C., Reeve, J. and Duchac, J. Financial Accounting. 13th ed

Problem 12-3A
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Name:

Section:

Score:
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Key Code:
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Instructions

Answers are
entered in the cells with gray backgrounds.

Cells with
non-gray backgrounds are protected and cannot be edited.

An asterisk (*) will appear
to the right of an incorrect entry.

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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