Question

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, 20Y3:

Lambert and Yost

ADJUSTED TRIAL BALANCE

December 31, 20Y3

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	34,300.00
2	Accounts Receivable	48,100.00
3	Supplies	2,000.00
4	Land	120,500.00
5	Building	157,100.00
6	Accumulated Depreciation-Building		67,000.00
7	Office Equipment	63,200.00
8	Accumulated Depreciation-Office Equipment		21,300.00
9	Accounts Payable		27,700.00
10	Salaries Payable		5,500.00
11	Tyler Lambert, Capital		134,700.00
12	Tyler Lambert, Drawing	50,400.00
13	Jayla Yost, Capital		88,000.00
14	Jayla Yost, Drawing	59,700.00
15	Professional Fees		395,000.00
16	Salary Expense	154,200.00
17	Depreciation Expense-Building	15,500.00
18	Property Tax Expense	12,300.00
19	Heating and Lighting Expense	8,100.00
20	Supplies Expense	5,600.00
21	Depreciation Expense-Office Equipment	5,000.00
22	Miscellaneous Expense	3,200.00
23	Totals	739,200.00	739,200.00

The balance in Yost’s capital account includes an additional investment of $10,200 made on April 10, 20Y3.

2.	Prepare a statement of partnership equity for 20Y3.*

X

Statement of Partnership Equity

Shaded cells have feedback.

2. Prepare a statement of partnership equity for 20Y3. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If there is a decrease in partner’s equity, enter that amount as a negative number using a minus sign.

Score: 63/87

Lambert and Yost

Statement of Partnership Equity

For the Year Ended December 31, 20Y3

1		Tyler Lambert	Jayla Yost	Total
2	✔	✔	✔	✔
3

Answer 1