View the step-by-step solution to:

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

This question was answered on Sep 12, 2010. View the Answer
If you can answer this by 2:00pm CST I will award a bonus. This question has to do with preparation of a corrected balance sheet. Thanks.
Preparation of a Corrected Balance Sheet.docx

(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 Accounts receivable (net) Inventories at lower of average cost or market Trading securities­at cost (fair value $120,000)
Property, plant, and equipment Building (net) Office equipment (net) Land held for future use
Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses
Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable
Long­term liabilities Bonds payable
Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 Additional paid­in capital Retained earnings $232,100
325,100
401,000
140,000 573,870
160,000
178,870 80,000
90,000
12,000 108,870
127,100
82,000
51,100
53,000 503,870 290,000
160,000
? 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 long­term liability. (List current assets in order of liquidity. List multiple entries for Property, plant and equipment, Long­term 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 $ Long­term investments Property, plant, and equipment $ Less: Less: Intangible assets Total assets $ Current liabilities $ Total current liabilities Long­term liabilities $ $ Liabilities and Stockholders' Equity 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 $

Sign up to view the entire interaction

Top Answer

Dear Student, Please find... View the full answer

6355026.doc

(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...

This question was asked on Sep 12, 2010 and answered on Sep 12, 2010.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • -

    Flashcards

    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards