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(Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet...

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(Preparation of a Corrected Balance Sheet)   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 30, 2010   Current assets        Cash  $232,100      Accounts receivable (net) 325,100      Inventories at lower of average cost or market 401,000      Trading securities-at cost (fair value $120,000) 140,000   Property, plant, and equipment        Building (net) 573,870      Office equipment (net) 160,000      Land held for future use 178,870   Intangible assets        Goodwill 80,000      Cash surrender value of life insurance 90,000      Prepaid expenses 12,000   Current liabilities           Accounts payable 108,870      Notes payable (due next year) 127,100      Pension obligation 82,000      Rent payable 51,100      Premium on bonds payable 53,000   Long-term liabilities        Bonds payable 503,870   Stockholders' equity        Common stock, $1.00 par, authorized           400,000 shares, issued 290,000 290,000      Additional paid-in capital 160,000      Retained earnings ?       Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the  buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000.  The pension obligation is considered a long-term liability.   (List current assets in order of liquidity. List multiple entries   for Property, plant and equipment, Long-term investments and Current liabilities from largest to smallest amounts,   e.g. 10, 5, 2.)   BRUNO COMPANY Balance Sheet  December 31, 2010 Assets Current assets                  $                     $               Less:                                Total current assets    
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        Long-term investments                                   Property, plant, and equipment              $                 Less:                           Less:          Intangible assets                              Total assets     $         Liabilities and Stockholders' Equity Current liabilities                 $                                     Total current liabilities     $         Long-term liabilities              $           Add:                         Total liabilities             Stockholders' equity             Common stock, $1 par, authorized                   400,000 shares, issued 290,000 shares                                     Total stockholders' equity                            Total liabilities and stockholders' equity     $
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(Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional...

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