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Prepare a proposed schedule of liquidation at point in time

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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$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

Question 1: 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. (Amounts to be deducted should be entered with a minus sign.)

Reference no: EM132576730

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