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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.
The company has a target net income of $212,000. What is the required sales in dollars for the company to meet its target?
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