Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 14.00

Bruno Company

Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.

BRUNO COMPANY
BALANCE SHEET
DECEMBER 31, 2012
Current assets    
Cash   $261,620
Accounts receivable (net)   341,620
Inventories (lower-of-average-cost-or-market)   402,620
Equity investments (trading)%u2014at cost (fair value $123,840)   143,840
Property, plant, and equipment    
Buildings (net)   573,840
Equipment (net)   163,840
Land held for future use   178,840
Intangible assets    
Goodwill   81,620
Cash surrender value of life insurance   91,620
Prepaid expenses   13,620
Current liabilities    
Accounts payable   138,840
Notes payable (due next year)   126,620
Pension obligation   85,840
Rent payable   50,620
Premium on bonds payable   54,620
Long-term liabilities    
Bonds payable   503,840
Stockholders%u2019 equity    
Common stock, $1.00 par, authorized 400,000 shares, issued 291,620   291,620
Additional paid-in capital   181,620
Retained earnings   ?
     


Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $161,620 and for the office equipment, $106,620. The allowance for doubtful accounts has a balance of $18,620. The pension obligation is considered a long-term liability. (List current assets in order of liquidity. List property plant and equipment in order of buildings and equipment.)

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Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 07:08 PM My Price 14.00

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