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 $ 95,000 825.000 46,000 Beginning balances Sold assets $966,000 Accounts payable Ferris, loan Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital 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.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation $ $ Cash Other Assets 0 $ 0$ Accounts Payable 0 $ $80,000 56,000 400,000 220,000 210,000 $966,000 0 $ Hardwick, Loan an Capital 0 $ 0 $ Saunders, Capital 0 $ 0 $ Ferris, Loan & Capital 0 $ 0 $ 0 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: Cash Other assets Hardwick, loan Total assets $ 95,000 825.000 46,000 Beginning balances Sold assets $966,000 Accounts payable Ferris, loan Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital 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.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation $ $ Cash Other Assets 0 $ 0$ Accounts Payable 0 $ $80,000 56,000 400,000 220,000 210,000 $966,000 0 $ Hardwick, Loan an Capital 0 $ 0 $ Saunders, Capital 0 $ 0 $ Ferris, Loan & Capital 0 $ 0 $ 0 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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