Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are the options Bonita Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,440 $151,440 Land 32,620

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Below are the options

image text in transcribed

Bonita Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,440 $151,440 Land 32,620 Current liabilities Bonds payable Common stock 101,440 Buildings 121,440 182.620 92.620 Retained earnings 46.620 Equipment Accum. depr-buildings (31,440) Total $482,120 Accum.depr-equipment (11,000) Patents 41,440 Total $482.120 The following information is available for 2020. 1. 2. 3. 4. 5. Net income was $53.950. Equipment (cost $21.440 and accumulated depreciation $9.440) was sold for $11,440. Depreciation expense was $5,440 on the building and $10,440 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14.440. An addition to the building was completed at a cost of $28,440. Along-term investment in stock was purchased for $16.000. Bonds payable of $52,620 were issued. Cash dividends of $30.000 were declared and paid. Treasury stock was purchased at a cost of $11,000. 6. 7. 8. 9. 10. Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment) BONITA CORPORATION Balance Sheet December 31, 2020 Assets $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Expert Witnessing In Forensic Accounting

Authors: Thomas A. Buckhoff

1st Edition

9781930217140, 1930217145

Students also viewed these Accounting questions