Check my work 3 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 10 Cash Other assets Hardwick, loan 5.96,00 Accounts payable 830,000 Ferris, loan 47,600 Hardwick, capital Saunders, capital Ferris. capital 5973,000 Total abilities and capital $ 56,00 57.000 410,000 230,000 220, $973,000 Total assets The partners decide to Iquidate the partnership Forty percent of the other assets are sold for $100.000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign) HANOWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Accounts Hardwick Assets Sanders. Morris, Loan Payable Leon and Capital Capital A Capital 36.000 5 830,000 $ 58.000 $36.000 230.0001 271.000 S 06.000 $330.000 56.000 56.000 5 230,000 5 277.000 Beginning balance Sold Adusledings Max semaining chets Paidat Sate paymes $ 06,000 $90.000 S 36.000 $3.000 $ 210.000 $277.000 Help Save & Exit Submit 1 20 Kina Company manufactures and sells two models of a home appliance. The Standard model is a basic appliance with mostly manual features while the Galaxy model is highly automated. The appliances are produced to order and there are no inventories at the end of the year The cost accounting system at Kima allocates overhead to products based on direct labor cost Overhead in year 1, which just ended, was $2.918.750. Other data for year for the two products follow Standard Model Galaxy Model 20,000 units) 01.000 units Sales revenue 56,170,000 $2,870,000 Direct materials 2,570,000 470,000 Direct labor 1,770,000 565.000 loce Required: a. Compute product line profits/loss for the Standard model and the Galaxy model for year b. A study of overhead shows that without the Standard model overhond would fail to $2,335.000. Assume all other revenues and costs would remain the same for the Galaxy model in year 2. Compute product line profits/loss for the Galaxy model in year 2 assuming the Standard model was not produced or sold Complete this question by entering your answers in the tabs below. Required Required Compute product line profitsloss for the Standard model and the Galaxy model for year 1. (Do not found intermediate calculations. Negative amounts should be indicated by a minus sign Wattstoc Standort Calary Re>