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 85,000 800,000 51,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 156,000 50,000 300,000 220,000 210,000 $ 936,000 Total assets $ 936,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $210,000. Prepare a proposed schedule of liquidation at this point in time. HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Other Hardwick, Accounts Cash Loan and Assets Payable Capital Saunders, Capital Ferris, Loan & Capital Beginning balances Sold assets Assumed: loss on remaining assets Paid liabilities Safe balances
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