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. 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. (Amounts to be deducted should be entered with a minus sian. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ HARDWICK, SAUNDERS, AND FERRIS } \\ \hline \multicolumn{7}{|c|}{ Proposed Schedule of Liquidation } \\ \hline & Gash & \begin{tabular}{l} Other \\ Assets \end{tabular} & \begin{tabular}{l} Accounts \\ Payable \end{tabular} & \begin{tabular}{l} Hardwick, \\ Loan and \\ Capital \end{tabular} & \begin{tabular}{l} Saunders, \\ Capital \end{tabular} & \begin{tabular}{l} Ferris, Loan \\ \& Capital \end{tabular} \\ \hline Beginning balances & & & & & 4 & \\ \hline \multicolumn{7}{|l|}{ Sold assets } \\ \hline \multicolumn{7}{|l|}{ Adjusted balanoes } \\ \hline \multicolumn{7}{|l|}{ Max loss on remaining noncash assots. } \\ \hline \multicolumn{7}{|l|}{ Paid liabilities } \\ \hline Safe payments & & & & & & \\ \hline \end{tabular}
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