(c) Sedgwick Company at December 31 has cash Tk. 20,000, noncash assets Tk. 100,000, liabilities Tk. 55,000, and the following capital balsnces: Floyd Tk. 45.000 and DeWitt Tk. 20.000. The firm is liquidated, and Tk. 105,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Instructions Prepare a schedule of cash payrıents.

(c) Sedgwick Company at December 31 has cash Tk. 20,000, noncash assets Tk. 100,000, liabilities Tk. 55,000, and the following capital balsnces: Floyd Tk. 45.000 and DeWitt Tk. 20.000. The firm is liquidated, and Tk. 105,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Instructions Prepare a schedule of cash payrıents.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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