Explain how to prepare a schedule of cash payments

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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 $105,00 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively.

Prepare a schedule of cash payments.

Reference no: EM13334307

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