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
$
28,500
Accounts Receivable (net)
82,000
Inventories
107,000
Property, Plant, and Equipment (net)
314,000
Total Assets
$
531,500
Liabilities and Capital
Liabilities:
Accounts Payable
$
280,500
Capital:
Carlos, Capital
$
127,000
Dan, Capital
57,000
Gail, Capital
67,000
Total Capital
251,000
Total Liabilities and Capital
$
531,500
Additional Information
1.
Each partner’s assets (excluding partnership capital interests) and personal liabilities of each partner as of December 1, 20X6, follow:
Carlos
Dan
Gail
Personal assets
$
257,000
$
307,000
$
357,000
Personal liabilities
(233,500
)
(
236,500
)
(320,000
)
Personal net worth
$
23,500
$
70,500
$
37,000
2. Carlos, Dan, and Gail share profits and losses in the ratio 15:40:45.
3. CDG sold all noncash assets on December 10, 20X6, for $268,400.
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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