CALCULATOR PRINTER VERSION BACK NEXT Exercise 12-08 (Video) Sandhill Company at December 31 has cash $23,000, noncash assets $104,000, liabilities $57,200, and the following capital balances: Floyd $42,900 and DeWitt $26,900. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SANDHILL COMPANY Schedule of Cash Payments Noncash Item Cash +Assets Liabilities Floyd, Capital +DeWitt, Capital Balances before liquidation Sale of noncash assets and allocation of gain $23,000 $104,000 $57,200 $42,900 $26,900 New balances Pay liabilities New balances Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR EXERCISE Question Attempts: O of 3 used