Question
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
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 $97,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively.
Instructions: recording the sale of noncash assets includes a :
Select one: a. credit gain on realization 3000 b. credit liabilities 55000 c. debit noncash assets 100000 d. debit loss on realization 3000
--------------- I do not want a detailed answer. I just want the final answer as soon as possible. Solve quickly I get you thumbs up directly Thank's Abdul-Rahim Taysir
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