The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: $ 29,000 83,000 108,000 316,000 $536,000 CDG PARTNERSHIP Balance Sheet At December 1, 20X6 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 $282,000 $128,000 58,000 68,000 254,000 $536,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20x6, follow: Personal assets Personal liabilities Personal net worth Carlos $ 258,000 (234,000) $ 24,000 Dan $308,000 (236,000) $ 72,000 Gail $ 358,000 (332,700) $ 25,300 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 $269,600. 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 $269,600. 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.) CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Dan Cash Noncash Assets Liabilities Carlos Gall Preliquidation balances Sale of assets and distribution of loss $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Cash contributed by Gail to extent of positive net worth $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Distribution of deficit of insolvent partner $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Contribution by Dan to remedy deficit $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Payment to creditors $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Payment to partner Postliquidation balances $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 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.) CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 Carlos Dan Gall $ 0 $ 0 $ 0 Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 $ 0 $ 0 $
