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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





$

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Dear Student, Please find your answeers attached herewith. Regards. 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...

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