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E5-5 (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 31, 2010 Current assets Cash $260,000 Accounts receivable (net) 340,000 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) 570,000 Office equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 Cash surrender value of life insurance 90,000 Prepaid expenses 12,000 Current liabilities Accounts payable 135,000 Notes payable (due next year) 125,000 Pension obligation 82,000 Rent payable 49,000 Premium on bonds payable 53,000 Long-term liabilities Bonds payable 500,000 Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 290,000 Additional paid-in capital 180,000 Retained earnings ? Answer on Attached file: 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, 3.)
E5-5 Fillable answers.docx

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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Accounting-8370152.doc

BRUNO COMPANY
Balance Sheet

December 31, 2010
Assets
Current assets












$

Less:















Total current assets...

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