29 Jun Question Bruno Company has decided to expand i
Question
Bruno Company has decided to expand its operations. The bookkeeper
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 $262,650
Accounts receivable (net) 342,650
Inventories (lower-of-average-cost-or-market) 403,650
Equity investments (trading)—at cost (fair value $123,330) 143,330
Property, plant, and equipment
Buildings (net) 573,330
Equipment (net) 163,330
Land held for future use 178,330
Intangible assets
Goodwill 82,650
Cash surrender value of life insurance 92,650
Prepaid expenses 14,650
Current liabilities
Accounts payable 138,330
Notes payable (due next year) 127,650
Pension obligation 85,330
Rent payable 51,650
Premium on bonds payable 55,650
Long-term liabilities
Bonds payable 503,330
Stockholders’ equity
Common stock, $1.00 par, authorized 400,000 shares, issued 292,650 292,650
Additional paid-in capital 182,650
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,650 and for the office equipment, $107,650. The allowance for doubtful accounts has a balance of $19,650. 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.)
Presented below is the trial balance of Vivaldi Corporation at December 31, 2012.
Debit Credit
Cash $200,110
Sales $7,902,670
Debt Investments (trading) (cost, $145,000) 155,670
Cost of Goods Sold 4,802,670
Debt Investments (long-term) 302,110
Equity Investments (long-term) 280,110
Notes Payable (short-term) 92,670
Accounts Payable 457,670
Selling Expenses 2,002,670
Investment Revenue 64,260
Land 260,000
Buildings 1,043,110
Dividends Payable 139,110
Accrued Liabilities 98,670
Accounts Receivable 437,670
Accumulated Depreciation—Buildings 352,000
Allowance for Doubtful Accounts 27,670
Administrative Expenses 901,260
Interest Expense 212,260
Inventory 600,110
Extraordinary Gain 81,260
Notes Payable (long-term) 903,110
Equipment 602,670
Bonds Payable 1,003,110
Accumulated Depreciation—Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,002,670
Treasury Stock 193,670
Patents 195,000
Retained Earnings 81,110
Paid-in Capital in Excess of Par 83,110
$12,349,090 $12,349,090
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