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.

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Chapter1: Financial Statements And Business Decisions
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Cap 12 - Avalúo
>
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
Accumulated Depreciation-Office Equipment
Accounts Payable
Salaries Payable
Camila Ramirez, Capital
Camila Ramirez, Drawing
Ping Xue, Capital
Ping Xue, Drawing
Professional Fees
Ramirez and Xue
Trial Balance
December 31, 20Y2
Salary Expense
Depreciation Expense-Building
Heating and Lighting Expense
Depreciation Expense-Office Equipment
Property Tax Expense
Supplies Expense
Miscellaneous Expense
Required:
Check My Work 2 more Check My Work uses remaining.
Assignment Score: 0.0%
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
The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.
335,400
586,200
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Transcribed Image Text:Cap 12 - Avalúo > 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 Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Camila Ramirez, Capital Camila Ramirez, Drawing Ping Xue, Capital Ping Xue, Drawing Professional Fees Ramirez and Xue Trial Balance December 31, 20Y2 Salary Expense Depreciation Expense-Building Heating and Lighting Expense Depreciation Expense-Office Equipment Property Tax Expense Supplies Expense Miscellaneous Expense Required: Check My Work 2 more Check My Work uses remaining. Assignment Score: 0.0% 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 The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2. 335,400 586,200 Email Instructor Save and Exit Submit Assignment for Grading ?
>
Cap 12 - Avalúo
The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2.
Required:
My Home
1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement
provides for salary allowances of $37,000 to Ramirez and $45,000 to Xue, 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.
Operating expenses:
Total operating expenses
Division of net income:
Salary allowance
Interest allowance
Net income
Remaining income (loss)
C CengageNOWv2 | Online teaching and learning resource f...
Assignment Score: 0.0%
Ramirez and Xue
Income Statement
For the Year Ended December 31, 20Y2
Ramirez and Xue
Division of Income
For the Year Ended December 31, 20Y2
Camila
Ramirez
Check My Work 2 more Check My Work uses remaining.
0.000000
Ping
Xue
Total
$
000
700
2. 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
Transcribed Image Text:> Cap 12 - Avalúo The balance in Xue's capital account includes an additional investment of $9,000 made on May 5, 20Y2. Required: My Home 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $37,000 to Ramirez and $45,000 to Xue, 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. Operating expenses: Total operating expenses Division of net income: Salary allowance Interest allowance Net income Remaining income (loss) C CengageNOWv2 | Online teaching and learning resource f... Assignment Score: 0.0% Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2 Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2 Camila Ramirez Check My Work 2 more Check My Work uses remaining. 0.000000 Ping Xue Total $ 000 700 2. 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
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