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Prepare a proposed schedule of liquidation at this point

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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 $97,000

Accounts payable $102,000

Other assets 835,000

Ferris, loan 58,000

Hardwick, loan 48,000

Hardwick, capital 350,000

Saunders, capital 240,000

Ferris, capital 230,000

Total assets $980,000

Total liabilities and capital $980,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $146,000. Prepare a proposed schedule of liquidation at this point in time.

Reference no: EM132575912

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