CALCULATOR PRINTER VERSION BACK NEXT Exercise 12-08 (Video) Your answer is partially correct. Try again. Sandhill Company at December 31 has cash $23,000, noncash asset:s $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. (Ifan 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 - 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 118000 104000 8400 New balances 141000 57200 51300 Pay liabilities New balances 83800 51300 32500 Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work VIDEO: SIMILAR EXERCISE