Par Current Attempt in ProgressSedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capitalbalances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $105,000 in cash is received for the noncash assets. Floydand DeWitt income ratios are 60% and 40%, respectively.Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).)Balances before liquidationSale of noncash assets and allocation of gainNew balancesPay liabilitiesNew balancesItemCash distribution to partnersFinal balances4$Cash$20,000$SEDGWICK COMPANYSchedule of Cash PaymentsNoncash Assets$100,000$Liabilit Current Attempt in ProgressSedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capitalbalances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $105,000 in cash is received for the noncash assets. Floydand DeWitt income ratios are 60% and 40%, respectively.Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).)$SEDGWICK COMPANYSchedule of Cash PaymentsNoncash Assets$100,000$Liabilities$55,000$Floyd, Capital$45,000+$DeWitt, Capital$20,000

The partnership comes into existence when two or more persons agree to do the business and share…

Current Attempt in Progress 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 $105,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule of Cash Payments