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Bruno Company has seceded 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
$350,000
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)
609,000
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
155,000
Notes payable (due next year)
Pension obligation
102,000
Rent payable
49,000
Premium on bonds payable
53,000
Long-term liabilities
Bonds payable
550,000
Stockholders' Equity
Common stock, $1.00 par, authorized
400,000 shares, issued 290,000
290,000
Additional paid-in capital
240,000
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.
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