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 at this point in time.

Book The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prep schedule of liquidation at this point in time HARDWICK, SAUNDERS, AND FERRIS Proposed schedule of Liquidation Hardwick, Saunders Ferris, Loan Other Accounts Assets Payable Loan and Capital Cash Capital & Capital Beginning balances Sold assets Assumed loss on remaining assets Paid liabilities Safe balances Reference