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	$	92,000			Accounts payable	$	72,000
Other assets		810,000			Ferris, loan		53,000
Hardwick, loan		43,000			Hardwick, capital		370,000
					Saunders, capital		230,000
					Ferris, capital		220,000
Total assets	$	945,000			Total liabilities and capital	$	945,000

 

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 sign.)

Answer rating: 100% (QA)

Beginning Balances Sold Assets Assumed Loss on remaining assets Paid Liabil... View the full answer