The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who...
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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 Other assets Hardwick, loan $ 86,000 Accounts payable $ 136,000 47,000 310,000 210,000 200,000 $ 903,000 780,000 Ferris, loan 37,000 Hardwick, capital Saunders, capital Ferris, capital Total assets $903,000 Total liabilities and capital The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $270,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Other Assets Accounts Hardwick Payable Ferris, Loan & Capital Cash Loan andSaunders, Capital Capital Beginning balances Sold assets Assumed: loss on remaining assets Paid liabilities Safe balances
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