Reference no: EM132823455
Question - Bramble Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion:
BRAMBLE CORP. Statement of Financial Position For the Year Ended December 31, 2020
Current assets
Cash (net of bank overdraft of $49,000) $400,000
Accounts receivable (net) 496,000
Inventory at the lower of cost and net realizable value 491,000
FV-NI investments (at cost-fair value $160,000) 280,000
Property, plant, and equipment Buildings (net) 640,000
Equipment (net) 180,000
Land held for future use 325,000
Intangible assets Goodwill 81,000
Investment in bonds to collect cash flows, at amortized cost 95,000
Prepaid expenses 32,000
Current liabilities Accounts payable 385,000
Notes payable (due next year) 275,000
Pension obligation 101,000
Rent payable 55,000
Long-term liabilities Bonds payable 584,000
Shareholders' equity Common shares, unlimited authorized, 320,000 issued 320,000 Contributed surplus 290,000
Retained earnings ?
Required - Prepare revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $270,000 and that the accumulated depreciation balance for the equipment is $245,000. The allowance for doubtful accounts has a balance of $29,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)