Problemsedgwick company at december 31 has cash 20000, Ask an Expert

Accounting

Problem:

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.

Requirement:

Question: Prepare a schedule of cash payments.

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172774

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