Question: please help me Martha Wheaton, Bess Chen, and Sam Smith were partners In an urban Calgary tea shop called Wake and showed the following account
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Martha Wheaton, Bess Chen, and Sam Smith were partners In an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020: Accum. Martha Bess San Deprec. Accounts wheaton, Chen, Smith, Cash Building Building Land Payable Capital Capital Capital Account balances December 31, 2020 $189,090 $834, Gee $485,000 $213,080 $133, 080 $326,080 $(57,080) $349,080 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $694,000 on January 1, 2021. The partners share any profit (loss) In the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners. (Negative answers should be Indicated by a minus sign.) Accum Martha Bess Sam Cash Building Depreci Land Accounts Wheaton Chen, Smith, Payable Building Capital Capital Capital Account balances December 31. 2020 5180.000 $ 834.000 5 485.000 5 213.000 133.000 328.000 5 (57.000) 349.000 Sale of land and building Balance Payment of liabilities Balance Absorption of deficiency Balance
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