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Category > Accounting Posted 09 Aug 2017 My Price 11.00

CDG Carlos, Dan, and Gail Partnership

P16-13
Lump-Sum Liquidation
The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A
balance sheet on the date follows:

 

Assets
CDG PARTNERSHIP
Balance Sheet
At December 1, 20X6

 


Cash $ 25,000
Accounts Receivable (net) 75,000
Inventories 100,000
Property, Plant, & Equipment (net) 300,000
Total Assets $500,000
Liabilities & Capital
Liabilities:
Accounts Payable $270,000
Capital:
Carlos, Capital $120,000
Dan, Capital 50,000
Gail, Capital 60,000
Total Capital 230,000
Total Liabilities & Capital $500,000

 

 

 

 

 

 

 

 

 

Additional Information
1. Each partner’s personal assets (excluding partnership capital interests) and personal
liabilities
as of December 1, 20X6, follow:

Chapter 16 Partnerships: Liquidation 837
Carlos Dan Gail
Personal assets $250,000 $300,000 $350,000 Personal liabilities
(230,000) (240,000) (325,000)
Personal net worth $ 20,000 $ 60,000 $ 25,000

 

 


2. Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40.
3. CDG sold all noncash assets on December 10, 20X6, for $260,000.
Required
a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6.
b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after ership liquidation is completed assuming that no other events occurred in the 10 day period that changed any of the partners' assets and personal liabilities.

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Aug 2017 06:08 PM My Price 11.00

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