ACCZUEUlSVAUl-llBl-DIJI: Accounting III I Homework - Chapter 12 'Exercise 12-8 Sedgwick Company at December 31 has cash $23,940, noncash assets $101,000, liabilities $51,485, and the following napital balances: Floyd $44,190 and DeWitt $29,265. The rm is liquidated, and $117,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (Iran amount reduces the account balance then enter with a negative sign pieceding the number e.g. 45,000 or parenthesis e.g. (15,000).) SE DGWICK COMPANY Schedule of Cash Payments Balance before liquidation $23,940 $101,000 $51,485 $44,190 $29,265 Sale of noncash assets and alienation of gain New balances Ply liabilities New balances Cash distribution to partners Final balances $ $ $ $ $