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The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who...

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Accounting

The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:

Cash $ 87,000 Accounts payable $ 108,000
Other assets 810,000 Ferris, loan 52,000
Hardwick, loan 53,000 Hardwick, capital 320,000
Saunders, capital 240,000
Ferris, capital 230,000
Total assets $ 950,000 Total liabilities and capital $ 950,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $155,000. Prepare a proposed schedule of liquidation at this point in time.

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