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…

Answered: David Wallace, Olena Dunn, and Danny…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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:
Accum.
David
Olena
Deprec.
Equipment Equipment
$102,000
Wallace,
Сapital
$44,000
Danny
Lin,
Сapital
$25,000
Accounts
Notes
Dunn,
Саpital
$27,000
Cash
Payable
$8,300
Payable
$25,000
Account balances December 31, 2020
$40,300
$191,000
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.)
Accum.
David
Olena
Danny
Lin,
Capital
Accounts
Notes
Cash
Equipment
Deprec.
Equipment
Wallace,
Capital
Dunn,
Capital
Payable
Payable
Account balances December 31, 2020
$ 40,300 $
191,000
102,000 $
8,300 $ 25,000 $
44,000 $
27,000 $
25,000
Sale of equipment
Balance
$ 40,300 $
191,000 $
102,000 $
8,300
$ 25,000
$
44,000 $
27,000 $
25,000
Payment of liabilities
Balance
$ 40,300
191,000 $
102,000 $
8,300
$ 25,000 $
44,000 $
27,000 $
25,000

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