Prepare a revised balance sheet given the available

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Reference no: EM13390983

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, 2012
Current assets
Cash		$261,870
Accounts receivable (net)		341,870
Inventories (lower-of-average-cost-or-market)		402,870
Equity investments (trading)-at cost (fair value $121,510)		141,510
Property, plant, and equipment
Buildings (net)		571,510
Equipment (net)		161,510
Land held for future use		176,510
Intangible assets
Goodwill		81,870
Cash surrender value of life insurance		91,870
Prepaid expenses		13,870
Current liabilities
Accounts payable		136,510
Notes payable (due next year)		126,870
Pension obligation		83,510
Rent payable		50,870
Premium on bonds payable		54,870
Long-term liabilities
Bonds payable		501,510
Stockholders' equity
Common stock, $1.00 par, authorized 400,000 shares, issued 291,870		291,870
Additional paid-in capital		181,870
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $161,870 and for the office equipment, $106,870. The allowance for doubtful accounts has a balance of $18,870. The pension obligation is considered a long-term liability.

Reference no: EM13390983

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