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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 Other assets Hardwick, loan 88,000 815,880 54,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 84,000 53,eee 330,000 250,000 240,000 $ 957,000 Total assets $ 957,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $135,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick, Other Accounts Cash Loan and Assets Payable Capital Saunders, Ferris, Loan Capital Capital & Capital Beginning balances Sold assets Assumed loss on remaining assets Pald liabilities Safe balances

Answer 1

HARDWICK, SAUNDERS AND FERRISI POoPosed schedule of liquidation Hoodwick Fessis other accounts Loan and Saunders Loan & cash Assets payable capital capital cap Beg Balance 98000 915,000 84000276000 20000 293000 sold Assets 135000 - 3260000 -76000 - 57000 - $ 1000 - Assumed loss on Hassels D -4890000 - 195600 - 146700 - 146 700. Paid Table - 840D0D -84000 0 0 0 1390000 4000 460 - Explanation Hardwick loan and capitol: $ 330000 - 54000 = F246000 2) Ferris Loan & capital: $ 53000 + 240000 - 293000 3) 40%. Of Assets would be: $ 815000 X 40% $ 326000 at 4] LOSS On Asset sold: $32.6000 - 35000 16190000) This could be shared in the soto Of 4:33 - 10 HB 19 000 X 4 6000 46400 S s 190000 x 3 & 57000 - 57300 190.000 X 3 5 51000 = 5+300

5 Assumed Loan on aemaining Assets > Remaining Asset is (1-40% - 60% OF $8150oo. . $815000X GOL - $489000 would be shared in the datio of 4:3.3 H = $ 489000 X 4 = $195600 TO s = $ 489000 X 3 - $ 146700 10 $ 146 700 489000 X 3 10 6 safe balance. $ 88000 + $ 1 35000 - $ 84000 = 16139000