The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6....
The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20X6 Assets Cash $ 32,500 Accounts Receivable (net) 90,000 Inventories 115,000 Property, Plant and Equipment (net) 330,000 Total Assets $ 567,500 Liabilities and Capital Liabilities: Accounts Payable $ 292,500 Capital: Carlos, Capital $ 135,000 Dan, Capital 65,000 Gail, Capital 75,000 Total Capital 275,000 Total Liabilities and Capital $ 567,500 Additional Information Each partner’s personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Gail Personal assets $ 265,000 $ 315,000 $ 365,000 Personal liabilities (237,500 ) ( 232,500 ) (343,900 ) Personal net worth $ 27,500 $ 82,500 $ 21,100 Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40. CDG sold all noncash assets on December 10, 20X6, for $273,500. 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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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.)
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The CDG Carlos, Dan, and Gail Partnership has decided to
liquidate as of December 1, 20X6....
***Edit: This is as clear as the images get. If you can not see it please...
***Edit: This is as clear as the images get. If you can not see
it please pass to someone else
The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20X6 s 29.500 Propety Plant and Equment e 540.500 283 500 Accounts Payable Capta Total Capta Total Liabilities and Capital 1 Each partner's assets (excluding partnership capital interests) and personal...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the...
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. Complete the schedule assuming the noncash assets were...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,000, $51,000, and $22,800, respectively. Cash, noncash assets, and liabilities total $57,300, $94,500, and $42,000, respectively. Between July 1 and July 29, the noncash assets are sold for $75,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
***Edit: This is as clear as the images get. If you can not see
it please pass to someone else
The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20X6 s 29.500 Propety Plant and Equment e 540.500 283 500 Accounts Payable Capta Total Capta Total Liabilities and Capital 1 Each partner's assets (excluding partnership capital interests) and personal...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. Complete the schedule assuming the noncash assets were...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
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