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 $ 95,000 Accounts payable $ 80,000 Other assets 825,000 Ferris, loan 56,000 Hardwick, loan 46,000 Hardwick, capital 400,000 Saunders, capital 220,000 Ferris, capital 210,000 Total assets $ 966,000 Total liabilities and capital $ 966,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) Cash \ Other Assets \ Accounts Payable \ Hardwick, Loan and Capital \ Saunders Capital \ Ferris, Loan & Capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets
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 $ 95,000 Accounts payable $ 80,000 Other assets 825,000 Ferris, loan 56,000 Hardwick, loan 46,000 Hardwick, capital 400,000 Saunders, capital 220,000 Ferris, capital 210,000 Total assets $ 966,000 Total liabilities and capital $ 966,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) Cash \ Other Assets \ Accounts Payable \ Hardwick, Loan and Capital \ Saunders Capital \ Ferris, Loan & Capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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The following condensed balance sheet is for the
| Cash | $ | 95,000 | Accounts payable | $ | 80,000 | |||
| Other assets | 825,000 | Ferris, loan | 56,000 | |||||
| Hardwick, loan | 46,000 | Hardwick, capital | 400,000 | |||||
| Saunders, capital | 220,000 | |||||||
| Ferris, capital | 210,000 | |||||||
| Total assets | $ | 966,000 | Total liabilities and capital | $ | 966,000 | |||
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)
Cash \ Other Assets \ Accounts Payable \ Hardwick, Loan and Capital \ Saunders Capital \ Ferris, Loan & Capital
Beginning balances
Sold assets
Adjusted balances
Max loss on remaining noncash assets
Paid liabilities
Safe payments
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