Question: The CDG Carlos Dan and Gail Partnership has decided to

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


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


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 the partnership liquidation iscompleted.


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  • CreatedMay 23, 2014
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