The following condensed balance sheet is for the partnership of A, B, and C, who share...

Transcribed Image Text:

The following condensed balance sheet is for the partnership of A, B, and C, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 82.000 Accounts payable 760.000 C, loan 33,000 A capital B, capital C. capital $875,000 Total liabilities and capital $232.000 43,000 270,000 170,000 160,000 $875,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $230,000. Prepare a proposed schedule of liquidation at this point in time The following condensed balance sheet is for the partnership of A, B, and C, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 82.000 Accounts payable 760.000 C, loan 33,000 A capital B, capital C. capital $875,000 Total liabilities and capital $232.000 43,000 270,000 170,000 160,000 $875,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $230,000. Prepare a proposed schedule of liquidation at this point in time