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) Preliquidation balances Sale of assets and distribution of loss Cash contributed by Gail to extent of positive net worth Distribution of deficit of insolvent partner Contribution by Dan to remedy deficit Payment to creditors Payment to partner Postliquidation balances CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20x6 S S S S $ S Cash Noncash Assets 05 Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 05 os 05 0$ CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 0$ S S Liabilities Carlos 0$ 05 0$ 0$ 0$ 0$ 05 05 Carlos Dan 0$ 0$ 05 05 0$ 0$ 05 05 Capital Balances 0$ 05 0$ 0$ 0$ 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 (Round your answers to the nearest whole dollar) Gall 0$ Dan 0 05 OS 0$ 0$ 0$ Gall 05 0
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) Preliquidation balances Sale of assets and distribution of loss Cash contributed by Gail to extent of positive net worth Distribution of deficit of insolvent partner Contribution by Dan to remedy deficit Payment to creditors Payment to partner Postliquidation balances CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20x6 S S S S $ S Cash Noncash Assets 05 Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 05 os 05 0$ CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 0$ S S Liabilities Carlos 0$ 05 0$ 0$ 0$ 0$ 05 05 Carlos Dan 0$ 0$ 05 05 0$ 0$ 05 05 Capital Balances 0$ 05 0$ 0$ 0$ 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 (Round your answers to the nearest whole dollar) Gall 0$ Dan 0 05 OS 0$ 0$ 0$ Gall 05 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:The CDG Carlos, Dan, and Gall Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows:
Assets
Cash
Accounts Receivable (net)
Inventories
Property, Plant and Equipment (net)
Total Assets
Liabilities and Capital
Liabilities:
Accounts Payable
Capital:
CDG PARTNERSHIP
Balance Sheet
At December 1, 20x6
Carlos, Capital
Dan, Capital
Gail, Capital
Total Capital
Total Liabilities and Capital
$138,000
68,000
78,000
Personal assets
Personal liabilities
Personal net worth
$ 34,000
93,000
118,000
336,000
$581,000
$297,000
284,000
$581,000
Additional Information
1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow:
Carlos
Dan
Gail
$ 268,000 $310,000 $368,000
(239,000) (231,000) (340,000)
$ 87,000 $ 28,000
$ 29,000
2. Carlos, Dan, and Gall share profits and losses in the ratio 15:45:40,
3. CDG sold all noncash assets on December 10, 20X6, for $276,000.
Transcribed Image Text: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.)
Preliquidation balances
Sale of assets and distribution of loss
Cash contributed by Gail to extent of positive net worth
Distribution of deficit of insolvent partner
Contribution by Dan to remedy deficit
Payment to creditors
Payment to partner
Postliquidation balances
CDG PARTNERSHIP
Statement of Realization and Liquidation
Lump-sum Liquidation on December 10, 20x6
$
$
$
S
$
$
Cash
Noncash Assets Liabilities
0 $
Personal assets, excluding partnership capital interests
Personal liabilities
Personal net worth, excluding partnership capital interests, Dec. 1, 20X6
Contribution to partnership
Liquidating distribution from partnership
Net worth, December 10, 20X6
OS
OS
CDG PARTNERSHIP
Net Worth of Partners
December 10, 20X6
0$
0$
0 $
$
S
0 $
Carlos
0 $
0 $
0 $
0 $
0
$
OS
0$
Dan
Carlos
OS
0$
0$
OS
05
05
0 $
0
S
Capital Balances
Dan
0$
05
0$
0 $
0 $
Gall
05
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. (Round your answers to the nearest whole dollar)
0 $
0
0 $
0 $
0$
0 $
05
Gall
0
0
0
0
0
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