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: $ 84,000 770,000 35,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital $184,000 45,000 290,000 190,000 180,000 Cash Other assets Hardwick, loan Total assets $889,000 Total liabilities and capital $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.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Other Assets Hardwick, Loan and Capital Ferris, Loan & Capital Accounts Saunders, Capital Cash Payable Beginning balances Sold assets Adjusted balances 0 $ Max loss on remaining noncash assets Paid liabilities Safe payments 2$ 2$ 0 $

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: $ 84,000 770,000 35,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital $184,000 45,000 290,000 190,000 180,000 Cash Other assets Hardwick, loan Total assets $889,000 Total liabilities and capital $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.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Other Assets Hardwick, Loan and Capital Ferris, Loan & Capital Accounts Saunders, Capital Cash Payable Beginning balances Sold assets Adjusted balances 0 $ Max loss on remaining noncash assets Paid liabilities Safe payments 2$ 2$ 0 $

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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