Solution-Prepare a proposal schedule of liquidation

Prepare a proposal schedule of liquidation

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

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Prepare a proposal schedule of liquidation

Reference no: EM132161932

Reference no: EM132161932

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