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:
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 | $81,000 | Accounts payable | $256,000 |
| Other assets | 755,000 | Ferris, loan | 42,000 |
| Hardwick, loan | 32,000 | Hardwick, capital | 260,000 |
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| Saunders, capital | 160,000 |
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| Ferris, capital | 150,000 |
| Total assets | $868,000 | Total liabilities and capital | $868,000 |
The partners decided to liquidate the partnership. Fifty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time.
| HARDWICK, SAUNDERS, AND FERRIS | ||||||
| Proposed Schedule of Liquidation | ||||||
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| Cash | Other Assets | Accounts Payable | Hardwick, Loan and Capital | Saunders, Capital | Ferris, Loan and Capital |
| Beginning Balances |
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| Sold assets |
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| Assumed: Loss on Remaining Assets |
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| Paid Liabilities |
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| Safe Balances |
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Energy Audits And Improvements For Commercial Buildings
Authors: Ian M. Shapiro
1st Edition
1119084164, 978-1119084167
