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Problem - Financial statements for partnership - The ledger of Aiden Durant and Jasmine Adkins, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2012:
Aiden, Durant, Adkins Trial Balance December 31, 2012
Debit Balances
Credit Balances
Cash
42,000
Accounts Receivable
42,300
Supplies
1,500
Land
100,000
Building
108,100
Accumulated Depreciation-Building
62,500
Office Equipment
46,000
Accumulated Depreciation-Office Equipment
19,400
Accounts Payable
29,800
Salaries Payable
3,200
Aiden Durant, Capital
Aiden Durant, Drawing
45,000
Jasmine Adkins, Capital
60,000
Jasmine Adkins, Drawing
65,000
Professional Fees
364,500
Salary Expense
146,000
Depreciation Expense-Building
14,500
Property Tax Expense
9,000
Heating and Lighting Expense
7,200
Supplies Expense
5,200
Depreciation Expense-Office Equipment
4,500
Miscellaneous Expense
3,100
639,400
The balance in Adkins' capital account includes an additional investment of $10,000 made on August 10, 2012.
Required -
1. Prepare an income statement for 2012, indicating the division of net income. The articles of partnership provide for salary allowances of $40,000 to Durant and $50,000 to Adkins, 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.
2. Prepare a statement of partners' equity for 2012. Prepare a balance sheet as of the end of 2012.
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