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
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 $263,610 Accounts receivable (net) 343,610 Inventories (lower-of-average-cost-or-market) 404,610 Equity investments (trading)—at cost (fair value $121,800) 141,800 Property, plant, and equipment Buildings (net) 571,800 Equipment (net) 161,800 Land held for future use 176,800 Intangible assets Goodwill 83,610 Cash surrender value of life insurance 93,610 Prepaid expenses 15,610 Current liabilities Accounts payable 136,800 Notes payable (due next year) 128,610 Pension obligation 83,800 Rent payable 52,610 Premium on bonds payable 56,610 Long-term liabilities Bonds payable 501,800 Stockholders’ equity Common stock, $1.00 par, authorized 400,000 shares, issued 293,610 293,610 Additional paid-in capital 183,610 Retained earnings ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $163,610 and for the office equipment, $108,610. The allowance for doubtful accounts has a balance of $20,610. 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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