Question
In: Accounting
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.
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Solutions
ekkarill92 answered 7 months agoRelated Solutions
On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership. The...
On November 1, the firm of Sails, Welch, and Greenberg decided
to liquidate their partnership. The partners have capital balances
of $57,790, $72,420, and $9,510, respectively. The cash balance is
$32,250, the book values of noncash assets total $127,410, and
liabilities total $19,940. The partners share income and losses in
the ratio of 2:2:1.
Required:
1.
Prepare a statement of partnership liquidation, covering the
period November 1–30, for each of the following independent
assumptions:
a.
All of the noncash assets...
On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership. The...
On November 1, the firm of Sails, Welch, and Greenberg decided
to liquidate their partnership. The partners have capital balances
of $58,200, $72,490, and $9,940, respectively. The cash balance is
$31,570, the book values of noncash assets total $128,990, and
liabilities total $19,930. The partners share income and losses in
the ratio of 2:2:1.
Required:
1.
Prepare a statement of partnership liquidation, covering the
period November 1–30, for each of the following independent
assumptions:
a.
All of the noncash assets...
On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate its partnership. The...
On November 1, the firm of Sails, Welch, and Greenberg decided
to liquidate its partnership. The partners have capital balances of
$58,000, $72,000, and $10,000, respectively. The cash balance is
$32,000, the book values of noncash assets total $128,000, and
liabilities total $20,000. The partners share income and losses in
the ratio of 2:2:1.
Required:
1.
Prepare a statement of partnership liquidation, covering the
period November 1–30, for each of the following independent
assumptions:
a.
All of the noncash assets...
On November 1, 2016, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership....
On November 1, 2016, the firm of Sails, Welch, and Greenberg
decided to liquidate their partnership. The partners have capital
balances of $58,200, $72,490, and $9,940, respectively. The cash
balance is $31,570, the book values of noncash assets total
$128,990, and liabilities total $19,930. The partners share income
and losses in the ratio of 2:2:1. Required: 1. Prepare a statement
of partnership liquidation, covering the period November 1–30,
2016, for each of the following independent assumptions: a. All of
the...
Question 5 : The BT Partnership has decided to liquidate after an unsuccessful few years. The...
Question 5 : The BT Partnership has decided to liquidate after
an unsuccessful few years. The following balance sheet is shown for
BT Partnership after the closing of the business and the
preparation of financial statements on December 31, 2020. The
partners share income and losses equally. Cash $1,000 Notes Payable
$500 Truck 10,000 Less: Accumulated Depreciation 5,000 Bachman,
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Liabilities and Partner's equity $6,000 BT Partnerships Balance
Sheet December 31, 2020...
The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all...
The partnership of Larson, Norris, Spencer, and Harrison has
decided to terminate operations and liquidate all business
property. During this process, the partners expect to incur $8,000
in liquidation expenses. All partners are currently solvent.
The balance sheet reported by this partnership at the time that
the liquidation commenced follows. The percentages indicate the
allocation of profits and losses to each of the four partners.
Cash
$
28,250
Liabilities
$
47,000
Accounts receivable
44,000
Larson, capital (20%)
15,000
Inventory
39,000...
The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all...
The partnership of Larson, Norris, Spencer, and Harrison has
decided to terminate operations and liquidate all business
property. During this process, the partners expect to incur $8,000
in liquidation expenses. All partners are currently solvent.
The balance sheet reported by this partnership at the time that
the liquidation commenced follows. The percentages indicate the
allocation of profits and losses to each of the four partners.
Cash
$
28,250
Liabilities
$
47,000
Accounts receivable
44,000
Larson, capital (20%)
15,000
Inventory
39,000...
The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all...
The partnership of Larson, Norris, Spencer, and Harrison has
decided to terminate operations and liquidate all business
property. During this process, the partners expect to incur $8,000
in liquidation expenses. All partners are currently solvent.
The balance sheet reported by this partnership at the time that
the liquidation commenced follows. The percentages indicate the
allocation of profits and losses to each of the four partners.
Cash
$
28,250
Liabilities
$
47,000
Accounts receivable
44,000
Larson, capital (20%)
15,000
Inventory
39,000...
Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating...
Tiffany and Carlos
decided to liquidate their jointly owned corporation, Royal Oak
Furniture (ROF). After liquidating its remaining inventory and
paying off its remaining liabilities, ROF had the following tax
accounting balance sheet:
FMV
Adjusted Basis
Appreciation (Depreciation)
Cash
$
200,000
$
200,000
Building
50,000
10,000
40,000
Land
150,000
200,000
(50,000
)
Total
$
400,000
$
410,000
$
(10,000
)
Under the terms of the
agreement, Tiffany will receive the $200,000 cash in exchange for
her 50 percent interest in...
Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). After liquidating...
Tiffany and Carlos decided to liquidate their jointly owned
corporation, Royal Oak Furniture (ROF). After liquidating its
remaining inventory and paying off its remaining liabilities, ROF
had the following tax accounting balance sheet:
FMV
Tax Basis
Appreciation
(Depreciation)
Cash
$
382,000
$
382,000
Building
76,000
15,750
60,250
Land
306,000
377,500
(71,500
)
Total
$
764,000
$
775,250
$
(11,250
)
Under the terms of the agreement, Tiffany will receive the $382,000
cash in exchange for her 50 percent interest in...
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