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Prepare a revised balance sheet given the available

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Reference no: EM13583692

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.

Reference no: EM13583692

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