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Sedgwick Company at December 31 has cash $23, 829, noncash assets $106, 300, liabilities $54, 854, and the following capital balances: Floyd $42, 940 and
Sedgwick Company at December 31 has cash $23, 829, noncash assets $106, 300, liabilities $54, 854, and the following capital balances: Floyd $42, 940 and DeWitt $32, 335. The firm is liquidated, and $110, 500 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 65% and 35%, respectively. Prepare a schedule of cash payments
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