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For National Co., beginning capital balances on January 1, 2017, are Nancy Payne $16,500 and Ann Dody $14,400. During the year, drawings were Payne $7,000 and Dody $6,000. Net income was $28,500, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) NATIONAL CO. Partners' Capital Statement N. Payne A. Dody Total + Click if you would like to Show Work for this question: Open Show Work Sedgwick Company at December 31 has cash $20,500, noncash assets $101,000, liabilities $54,500, and the following capital balances: Floyd $46,500 and DeWitt $20,500. The firm is liquidated, and $116,000 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).) Item Cash SEDGWICK COMPANY Schedule of Cash Payments + Noncash Assets = $20,500 $ 101,000 Liabilities $54,500 + Floyd, Capital + DeWitt, Capital $46,500 $20,500 Balances before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances

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