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 . . . . . . . . . . . . . . . . . . . . $ 90,000 Accounts payable . . . . .. . . $ 210,000Other assets . . . . . . . . . . . . . 820,000 Ferris, loan . . . . . . . . . . . . . . . 40,000Hardwick, loan . . . . . . . . . . . 30,000 Hardwick, capital . . . . . . .. . 300,000Saunders, capital . . . . . . .. . 200,000Ferris, capital . . . . . . . . . . .  190,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prepare a proposed schedule of liquidation at this point in time.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 . . . . . . . . . . . . . . . . . . . . $ 90,000 Accounts payable . . . . .. . . $ 210,000
Other assets . . . . . . . . . . . . . 820,000 Ferris, loan . . . . . . . . . . . . . . . 40,000
Hardwick, loan . . . . . . . . . . . 30,000 Hardwick, capital . . . . . . .. . 300,000
Saunders, capital . . . . . . .. . 200,000
Ferris, capital . . . . . . . . . . .  190,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prepare a proposed schedule of liquidation at this point in time.

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