The CDG/Carlos, Dan, and Gail/Partnership has decided to liquidate as of December 1, 20X6. A balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The CDG/Carlos, Dan, and Gail/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: Carlos, Capital Dan, Capital Gail, Capital CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Total Capital Total Liabilities and Capital Personal assets Personal liabilities Personal net worth $ 132,000 62,000 72,000 Carlos $ 262,000 (236,000) $ 26,000 $ 31,000 87,000 112,000 324,000 $ 554,000 Additional Information 1. Each partner's personal assets (excluding partnership capital Interests) and personal liabilities as of December 1, 20X6, follow: Dan $ 312,000 (234,000) $ 78,000 $ 288,000 266,000 $ 554,000 Gail $362,000 (339,100) $ 22,900 2. Carlos, Dan, and Gall share profits and losses in the ratio 20:40:40. 3. CDG sold all noncash assets on December 10, 20X6, for $270,500. 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, 20X6, after the partnership liquidation is completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and personal liabilities. The CDG/Carlos, Dan, and Gail/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: Carlos, Capital Dan, Capital Gail, Capital CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Total Capital Total Liabilities and Capital Personal assets Personal liabilities Personal net worth $ 132,000 62,000 72,000 Carlos $ 262,000 (236,000) $ 26,000 $ 31,000 87,000 112,000 324,000 $ 554,000 Additional Information 1. Each partner's personal assets (excluding partnership capital Interests) and personal liabilities as of December 1, 20X6, follow: Dan $ 312,000 (234,000) $ 78,000 $ 288,000 266,000 $ 554,000 Gail $362,000 (339,100) $ 22,900 2. Carlos, Dan, and Gall share profits and losses in the ratio 20:40:40. 3. CDG sold all noncash assets on December 10, 20X6, for $270,500. 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, 20X6, after the partnership liquidation is completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and personal liabilities.
Expert Answer:
Answer rating: 100% (QA)
a Statement of Realization and Liquidation for CDG Partnership on December 10 20X6 Ca... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
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 partners personal assets (excluding...
-
The DSV Partnership decided to liquidate as of June 30, 20X5. Its balance sheet as of this date follows: Additional Information 1. The personal assets (excluding partnership loan and capital...
-
Distinguish between Platos world of Being and the world of Becoming. Which one of these is the ultimate reality and why?
-
What are the key issues associated with managing an international assignment?
-
The following situation is in chronological order. 1. Flutie decides to buy a surfboard. 2. He calls Surfing USA Co. to inquire about their surfboards. 3. Two days later he requests Surfing USA Co....
-
The equation describing the water height h in a spherical tank with a drain at the bottom is (2rh - h2) dh/dt = -CdAo(2gh) Suppose the tank's radius is r = 3 m and that the circular drain hole has a...
-
A 20-cm-long, zero-resistance wire is pulled outward, on zero-resistance rails, at a steady speed of \(10 \mathrm{~m} / \mathrm{s}\) in a \(0.10 \mathrm{~T} \mathrm{mag}\) netic field. (See Figure...
-
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below. Compute the following ratios for 2014 and 2013. (a) Current ratio. (b) Inventory turnover....
-
Determine the solution to 3-8-2x+1, and indicate the restrictions on the variable.
-
A solvent-recovery plant consists of a plate-column absorber and a plate-column stripper. Ninety percent of the benzene (B) in the gas stream is recovered in the absorption column. Concentration of...
-
The following shows the summer temperatures for southeast cities. What is the median? 85 82 93 88 92 79 84 90 77 83 91 89 90 85 87 91 89 92 95 88 88.5 87.5 87.0 88.0
-
1. Under the NOC code 14404 what are 3 of the educational/employment requirements for the title of Ambulance Dispatcher? (3 marks) 2. Under the NOC code 64400, list 2 of the typical duties for the...
-
The total (after-tax) cost of a laptop computer is $1278.24. The local sales tax rate is 7.6%. What is the retail (pre-tax) price?
-
a. b. C. d. Explain the concept of credit scoring and it advantages in lending? How can the risk of international problem loans be reduced? Briefly discuss the types of provisions that financial...
-
prepare a map for bpmn pizza. Process Flow A customer views the online menu and orders a large pizza from BPMN Pizza by placing a phone call. The clerk at BPMN Pizza receives the order from the...
-
3. The function y = Ce 5t e solves which differential equation? Oy" - 5y' = -4y+4e == Oy"+6y=-5y + 5e y" - 5y' = -4y+ 4e Oy" - 4y' = -3y 3e
-
Use the heart beat data from problem #7: No drug: 291 296 300 301 305 311 311 313 317 320 321 322 323 323 325 326 331 333 334 338 341 344 344 350 355 330 331 335 337 339 343 346 349 350 358 364 369...
-
The domain of the variable in the expression x 3/x + 4 is________.
-
Benson City had the following transactions involving resource outflows from its general fund for the year ended June 30, 20X8: 1. During March 20X8, the general fund transferred $150,000 to a capital...
-
What potential benefits might be achieved if U.S. firms are allowed to use IFRS?
-
Chocolate De-lites imports and exports chocolate delicacies. Some transactions are denominated in U.S. dollars and others in foreign currencies. A summary of accounts receivable and accounts payable...
-
Shampoo Sales. The file ShampooSales.csv contains data on the monthly sales of a certain shampoo over a three-year period. [Source: Hyndman and Yang (2018). a. Create a well-formatted time plot of...
-
Souvenir Sales. The file SouvenirSales.csv contains monthly sales for a souvenir shop at a beach resort town in Queensland, Australia, between 1995 and 2001. [Source: Hyndman and Yang (2018).] Back...
-
Analysis of Canadian Manufacturing Workers Workhours. The time plot in Figure 18 . 22 describes the average annual number of weekly hours spent by Canadian manufacturing workers...
Study smarter with the SolutionInn App