The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of :: respectively:
Cash $ Accounts payable $
Other assets Ferris, loan
Hardwick, loan Hardwick, capital
Saunders, capital
Ferris, capital
Total assets $ Total liabilities and capital $
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $ Prepare a proposed schedule of liquidation at this point in time. Amounts to be deducted should be entered with a minus sign.
