Part Time: 05:13 PM / Remaining: 79 mir CALCULATOR PRINTER VERSION BACK NET Exercise 12-08 (Video) Sheridan Company at December 31 has cash $20,600, noncash assets $107,000, liabilities $55,600, and the following capital balances: Floyd $42,600 and DeWitt $29,400. The firm is liquidated, and $120,000 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).) SHERIDAN COMPANY Schedule of Cash Payments Noncash Liabilities Assets Item Cash Floyd, Capital DeWitt, Capital $20,600 $107.000 $55,600 $42.600 $29,400 Balances before liquidation Sale of noncash assets and allocation of gain 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