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boyakko [2]
2 years ago
13

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 $83,000 Accounts payable $208,000
Other assets 765,000 Ferris, loan 44,000
Hardwick, loan 34,000 Hardwick, capital 280,000
Saunders, capital 180,000
Ferris, capital 170,000
Total assets $882,000 Total liabilities and capital $882,000
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $240,000. Prepare a proposed schedule of liquidation at this point in time.
Business
1 answer:
PIT_PIT [208]2 years ago
3 0

Answer:

Here the answer is given as follows,

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