David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020$40,300 $191,000 $102,000 $8,300 $25,000 $44,000 $27,000 $25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances asof December 31, 2020:Accum.DavidOlenaDeprec.Equipment Equipment$102,000Wallace,Сapital$44,000DannyLin,Сapital$25,000AccountsNotesDunn,Саpital$27,000CashPayable$8,300Payable$25,000Account balances December 31, 2020$40,300$191,000Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 onJanuary 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)Accum.DavidOlenaDannyLin,CapitalAccountsNotesCashEquipmentDeprec.EquipmentWallace,CapitalDunn,CapitalPayablePayableAccount balances December 31, 2020$ 40,300 $191,000102,000 $8,300 $ 25,000 $44,000 $27,000 $25,000Sale of equipmentBalance$ 40,300 $191,000 $102,000 $8,300$ 25,000$44,000 $27,000 $25,000Payment of liabilitiesBalance$ 40,300191,000 $102,000 $8,300$ 25,000 $44,000 $27,000 $25,000

Name: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial
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Description: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDun

The partnership comes into existence when two or more persons agree to do the business and share…

Business

Accounting

David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum. Deprec. Equipment Accounts Payable Notes Payable David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.)

David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum. Deprec. Equipment Accounts Payable Notes Payable David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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bartleby, a Learneo, Inc. business

	Cash		Equipment	Accum. Deprec. Equipment		Accounts Payable	Notes Payable		David Wallace, Capital	Olena Dunn, Capital		Danny Lin, Capital
Account balances December 31, 2020	$	40,300		$	191,000		$	102,000		$	8,300		$	25,000	$	44,000	$	27,000	$	25,000