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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
| 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 | $ | 25,000 | ||||
| Accounts Receivable (net) | 75,000 | |||||
| Inventories | 100,000 | |||||
| Property, Plant, and Equipment (net) | 300,000 | |||||
| Total Assets | $ | 500,000 | ||||
| Liabilities and Capital | ||||||
| Liabilities: | ||||||
| Accounts Payable | $ | 270,000 | ||||
| Capital: | ||||||
| Carlos, Capital | $ | 120,000 | ||||
| Dan, Capital | 50,000 | |||||
| Gail, Capital | 60,000 | |||||
| Total Capital | 230,000 | |||||
| Total Liabilities and Capital | $ | 500,000 | ||||
| Additional Information |
| 1. | Each partner |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
