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 |
$90,000 |
Accounts payable |
$210,000 |
|
Other assets |
820,000 |
Ferris, loan |
40,000 |
|
Hardwick, loan |
30,000 |
Hardwick, capital |
300,000 |
|
Saunders, capital |
200,000 |
||
|
Ferris, capital |
190,000 |
||
|
Total assets |
$940,000 |
Total liabilities and capital |
$940,000 |
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prepare a proposed schedule of liquidation.