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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 Total assets $ 84,000 770,000 35,000 $889,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $184,000 45,000 290,000 190,000 180,000 $889,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)

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 Total assets $ 84,000 770,000 35,000 $889,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $184,000 45,000 290,000 190,000 180,000 $889,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Total assets $ 84,000 Accounts payable Ferris, loan 770,000 35,000 Hardwick, capital Saunders, capital Ferris, capital Beginning balances Sold assets $889,000 Total liabilities and capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. 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 Cash Other Assets 0 S 0 $ Accounts Payable 0 $ $184,000 45,000 290,000 0 $ 190,000 180,000 $889,000 Hardwick, Loan and Capital 0$ 0 $ Saunders, Capital 05 0 $ Ferris, Loan & Capital 0 S 0$
Transcribed Image Text: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 Total assets $ 84,000 Accounts payable Ferris, loan 770,000 35,000 Hardwick, capital Saunders, capital Ferris, capital Beginning balances Sold assets $889,000 Total liabilities and capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. 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 Cash Other Assets 0 S 0 $ Accounts Payable 0 $ $184,000 45,000 290,000 0 $ 190,000 180,000 $889,000 Hardwick, Loan and Capital 0$ 0 $ Saunders, Capital 05 0 $ Ferris, Loan & Capital 0 S 0$
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