Solution-Prepare a proposal schedule of liquidation

Prepare a proposal schedule of liquidation

Assignment Help Accounting Basics

Reference no: EM132161932

Question - 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	$80,000	Accounts payable	$280,000
Other assets	750,000	Ferris, loan	41,000
Hardwick, loan	31,000	Hardwick, capital	250,000
		Saunders, capital	150,000
		Ferris, capital	140,000
Total assets	$861,000	Total liabilities and capital	$861,000

The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposal schedule of liquidation at this point in time.

Reference no: EM132161932

Questions Cloud

Discuss the nonverbal communication : Students are to observe two or more adults unknown to the observer. The student must not be able to hear the subjects being observed and those being observed.

Define trade-off between internal cohesion and external ties : Consider the different teams presented in your reading assignment. How do the teams manage their team boundaries? What are the trade-offs between internal.

Journalize the necessary adjusting entry : At the end of the period before adjustment, $550 of supplies were on hand. Journalize the necessary adjusting entry

What are some of the additional tabs : What are some of the additional tabs which are available in the Active Directory Users and Computers "Advanced Features" mode?

Prepare a proposal schedule of liquidation : The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposal schedule of liquidation

Preventing systems from various malware threats : Identify necessary countermeasures that should be performed by users for preventing their systems from various malware threats

Branch or decision coverage : In the hierarchy of test coverages, branch or decision coverage is said to subsume statement coverage meaning that every set of test cases that satisfies

Define technological gap aka digital divide : Define Technological Gap aka Digital divide. What is being done to address it? In your opinion is Internet a privilege or a right? Should everyone have a comput

Describe the different tools in the ms office suite : Describe the different tools in the MS Office suite and how they support business.

User Account

All Pages

Prepare a proposal schedule of liquidation

Reference no: EM132161932

Reference no: EM132161932

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT