Sedgwick Company at December 31 has cash $20,000, noncash as

Assignment Help Finance Sedgwick Company at December 31 has cash $20,000, noncash as

Finance

Sedgwick Company at December 31 has cash $20,000, noncash as

Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000 liabilities $55,000, and t… Show more Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000 liabilities $55,000, and the following capital balances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $105,00 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments SEDGWICK COMPANY Schedule of Cash Payments Item Cash + Noncash Assets = Liabilities + Floyd, Capital + DeWitt, Capital Balance before liquidation $20,000 $100,000 $55,000 $45,000 $20,000 Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances $ $ $ $ $ • Show less

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