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  3. the following condensed balance sheet is for the p

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

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Accounting

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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 $ 95,000 825,000 46,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 80,000 56,000 400,000 220,000 210,000 $966,000 Total assets $966,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. 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 Accounts Cash Assets Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

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