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

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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Rainey Enterprises loaned $45,000 to Small Company on June 1, Year 1, for one year at 7 percent interest. Required Show the effects of the following transactions in a horizontal statements model. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. (1) The loan to Small Company (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2.
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The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
11. The Besto Company at December 31 has cash $40,000, noncash assets $200,000, liabilities $110,000, and the following capital balances: Ridha $90,000 and Esther $40,000. The firm is liquidated, and $220,000 in cash is received for the noncash assets. Ridha and Esther income ratios are 60% and 40%, respectively. Required: a) Prepare a schedule of cash payments b) Show the journal entry for distribution of cash to both the partners.
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Rainey Enterprises loaned $40,000 to Small Company on June 1, Year 1, for one year at 6 percent interest. Required: Show the effects of the following transactions in a horizontal statements model. Note: Enter any decreases to account balances and cash outflows with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require input. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. (1) The loan to Small Company (2) The adjustment at December 31, Year 1. (3) The adjustment and collection of the note on June 1, Year 2. RAINEY ENTERPRISES Horizontal Statements Model Balance Sheet Date Assets Cash + Notes Receivable + Interest Receivable + + 1. 6/1/Year 1 2. 12/31/Year 1 3. 6/1/Year 2 Adjustment 3. 6/1/Year 2 Note Collection + ++ + ++ Liabilities + Stockholders' Equity Retained Earnings Income Statement Statement of Cash…
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Martinez Company at December 31 has cash $46,500, noncash assets $212,000, liabilities $130,000, and the following capital balances: Hoffman $93,000 and Mena $35,500. The firm is liquidated, and $225,000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40%, respectively. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Prepare a schedule of cash payments.
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