Chapter 11 Homework 15 6 points xnumx_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/k... Saved David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Accum. Cash $50,800 David Deprec. Accounts Notes Wallace, Dunn, Equipment Equipment. Payable Payable Capital Capital $206,000 $107,000 $8,800 $30,000 $49,000 $32,000 $30,000 Olena Danny Lin, Capital eBook Print References Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $74,000 on January 1, 2024. 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.) Cash Equipment Accum. Deprec David Olena Danny Accounts Notes Wallace, Dunn, Lin, Payable Payable Equipment Capital Capital Capital Account balances December 31, 2023 $ 50.800 $ 206,000 $ 107,000 $ 8,800 $30,000 $ 49,000 $ 32,000 $ 30,000 Sale of equipment 74.000 99.000 Balance $ 124,800 $ 305.000 Payment of liabilities Balance $ 124 800 S 305.000 Mc Graw MAIL < Prev 6 of 10 Next > Help Sa ENG IN
Chapter 11 Homework 15 6 points xnumx_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/k... Saved David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Accum. Cash $50,800 David Deprec. Accounts Notes Wallace, Dunn, Equipment Equipment. Payable Payable Capital Capital $206,000 $107,000 $8,800 $30,000 $49,000 $32,000 $30,000 Olena Danny Lin, Capital eBook Print References Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $74,000 on January 1, 2024. 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.) Cash Equipment Accum. Deprec David Olena Danny Accounts Notes Wallace, Dunn, Lin, Payable Payable Equipment Capital Capital Capital Account balances December 31, 2023 $ 50.800 $ 206,000 $ 107,000 $ 8,800 $30,000 $ 49,000 $ 32,000 $ 30,000 Sale of equipment 74.000 99.000 Balance $ 124,800 $ 305.000 Payment of liabilities Balance $ 124 800 S 305.000 Mc Graw MAIL < Prev 6 of 10 Next > Help Sa ENG IN
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation
Transcribed Image Text:Chapter 11 Homework
15
6
points
xnumx_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/k...
Saved
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as
of December 31, 2023:
Account balances December 31, 2023
Accum.
Cash
$50,800
David
Deprec. Accounts Notes Wallace, Dunn,
Equipment Equipment. Payable Payable Capital Capital
$206,000 $107,000 $8,800 $30,000 $49,000 $32,000 $30,000
Olena
Danny
Lin,
Capital
eBook
Print
References
Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $74,000 on
January 1, 2024. 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.)
Cash
Equipment
Accum.
Deprec
David
Olena
Danny
Accounts
Notes
Wallace,
Dunn,
Lin,
Payable
Payable
Equipment
Capital
Capital
Capital
Account balances December 31, 2023
$ 50.800
$
206,000
$
107,000 $
8,800 $30,000 $
49,000
$
32,000 $
30,000
Sale of equipment
74.000
99.000
Balance
$ 124,800
$
305.000
Payment of liabilities
Balance
$ 124 800
S
305.000
Mc
Graw
MAIL
< Prev
6 of 10
Next >
Help
Sa
ENG
IN
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