Prepare a revised balance sheet given the available

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Reference no: EM13583692

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		$261,620
Accounts receivable (net)		341,620
Inventories (lower-of-average-cost-or-market)		402,620
Equity investments (trading)%u2014at cost (fair value $123,840)		143,840
Property, plant, and equipment
Buildings (net)		573,840
Equipment (net)		163,840
Land held for future use		178,840
Intangible assets
Goodwill		81,620
Cash surrender value of life insurance		91,620
Prepaid expenses		13,620
Current liabilities
Accounts payable		138,840
Notes payable (due next year)		126,620
Pension obligation		85,840
Rent payable		50,620
Premium on bonds payable		54,620
Long-term liabilities
Bonds payable		503,840
Stockholders%u2019 equity
Common stock, $1.00 par, authorized 400,000 shares, issued 291,620		291,620
Additional paid-in capital		181,620
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $161,620 and for the office equipment, $106,620. The allowance for doubtful accounts has a balance of $18,620. The pension obligation is considered a long-term liability.

Reference no: EM13583692

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