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The CDG / Carlos , Dan, and Gail / Partnership has decided to liquidate as of December 1 , 2 0 X 6 . A
The CDGCarlos Dan, and GailPartnership has decided to liquidate as of December X A balance sheet on the date follows:
CDG PARTNERSHIP
Balance Sheet
At December X
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
Total Capital
Total Liabilities and Capital $
Additional Information
Each partners personal assets excluding partnership capital interests and personal liabilities as of December X follow:
Carlos Dan Gail
Personal assets $ $ $
Personal liabilities
Personal net worth $ $ $
Carlos, Dan, and Gail share profits and losses in the ratio ::
CDG sold all noncash assets on December X for $
Required:
Prepare a statement of realization and liquidation for the CDG Partnership on December X
Prepare a schedule of the net worth of each of the three partners as of December X after the partnership liquidation is completed assuming that no other events occurred in the day period that changed any of the partners personal assets and personal liabilities.
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