24 Sep E5-5 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.
Current assets
Cash$260,000
Accounts receivable (net)340,000
Inventories at lower of average cost or market401,000
Trading securities-at cost (fair value $120,000)140,000
Property, plant, and equipment
Building (net)570,000
Office equipment (net)160,000
Land held for future use175,000
Intangible assets
Goodwill80,000
Cash surrender value of life insurance90,000
Prepaid expenses12,000 Current liabilities
Accounts payable135,000
Notes payable (due next year)125,000
Pension obligation82,000
Rent payable49,000
Premium on bonds payable53,000
Long-term liabilities
Bonds payable500,000
Stockholders’ equity Common stock, $1.00 par, authorized 400,000 shares, issued 290,000290,000 Additional paid-in capital180,000 Retained earnings?
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