Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6.(Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the liquidation of the partnership is completed assuming that no other events occurred in the 10-day period that changed any of the partners’ personal assets and personal liabilities.
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The CDG Carlos, Dan, and Gail |
| CDG PARTNERSHIP Balance Sheet At December 1, 20X6 |
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| Assets | ||||||
| Cash | $ | 26,500 | ||||
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78,000 | |||||
| Inventories | 103,000 | |||||
| Property, Plant and Equipment (net) | 306,000 | |||||
| Total Assets | $ | 513,500 | ||||
| Liabilities and Capital | ||||||
| Liabilities: | ||||||
| Accounts Payable | $ | 274,500 | ||||
| Capital: | ||||||
| Carlos, Capital | $ | 123,000 | ||||
| Dan, Capital | 53,000 | |||||
| Gail, Capital | 63,000 | |||||
| Total Capital | 239,000 | |||||
| Total Liabilities and Capital | $ | 513,500 | ||||
| Additional Information |
| 1. |
Each partner’s assets (excluding partnership capital interests) and personal liabilities of each partner as of December 1, 20X6, follow: |
| Carlos | Dan | Gail | |||||||
| Personal assets | $ | 253,000 | $ | 303,000 | $ | 353,000 | |||
| Personal liabilities | (231,500 | ) | ( | 238,500 | ) | (329,200 | ) | ||
| Personal net worth | $ | 21,500 | $ | 64,500 | $ | 23,800 | |||
| 2. | Carlos, Dan, and Gail share |
| 3. |
CDG sold all noncash assets on December 10, 20X6, for $263,600. |
| Required: |
| a. |
Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6.(Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) |
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