Question: Sedgwick Company at December 31 has cash 20 000 noncash assets

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 $105,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively.

Instructions
Prepare a schedule of cash payments.


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  • CreatedJanuary 30, 2014
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