Cap 12 - Avalúo>Financial statements for partnershipThe ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances afteradjustments have been recorded on December 31, 20Y2:CashAccounts ReceivableSuppliesLandBuildingAccumulated Depreciation-BuildingOffice EquipmentAccumulated Depreciation-Office EquipmentAccounts PayableSalaries PayableCamila Ramirez, CapitalCamila Ramirez, DrawingPing Xue, CapitalPing Xue, DrawingProfessional FeesRamirez and XueTrial BalanceDecember 31, 20Y2Salary ExpenseDepreciation Expense-BuildingHeating and Lighting ExpenseDepreciation Expense-Office EquipmentProperty Tax ExpenseSupplies ExpenseMiscellaneous ExpenseRequired:Check My Work 2 more Check My Work uses remaining.Assignment Score: 0.0%DebitBalances38,60036,8001,40092,00099,60042,30041,40059,800134,30013,3006,6004,1008,3004,8002,900586,200CreditBalances57,50017,80027,4002,90090,00055,200The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.335,400586,200Email Instructor Save and Exit Submit Assignment for Grading? >Cap 12 - AvalúoThe balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.Required:My Home1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreementprovides for salary allowances of $37,000 to Ramirez and $45,000 to Xue, allowances of 10% on each partner'scapital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.Operating expenses:Total operating expensesDivision of net income:Salary allowanceInterest allowanceNet incomeRemaining income (loss)C CengageNOWv2 | Online teaching and learning resource f...Assignment Score: 0.0%Ramirez and XueIncome StatementFor the Year Ended December 31, 20Y2Ramirez and XueDivision of IncomeFor the Year Ended December 31, 20Y2CamilaRamirezCheck My Work 2 more Check My Work uses remaining.0.000000PingXueTotal$0007002. Prepare a statement of partnership equity for 20Y2. If any amounts are zero. enter in "0".Email Instructor Save and Exit Submit Assignment for Grading

A partnership is a mutual agreement entered into two or more entities for the purpose, of entering…

Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Cash Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment Ramirez and Xue Trial Balance December 31, 20Y2 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing Ping Xue, Capital Ping Xue, Drawing Professional Fees Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense Required: Debit Balances 38,600 36,800 1,400 92,000 99,600 42,300 41,400 59,800 134,300 13,300 6,600 4,100 8,300 4,800 2,900 586,200 Credit Balances 57,500 17,800 27,400 2,900 90,000 55,200 335,400 586,200 The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.

Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Cash Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment Ramirez and Xue Trial Balance December 31, 20Y2 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing Ping Xue, Capital Ping Xue, Drawing Professional Fees Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense Required: Debit Balances 38,600 36,800 1,400 92,000 99,600 42,300 41,400 59,800 134,300 13,300 6,600 4,100 8,300 4,800 2,900 586,200 Credit Balances 57,500 17,800 27,400 2,900 90,000 55,200 335,400 586,200 The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PB

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