Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brandt Company presents the following December 31, 2019, balance sheet: The folltwing information is also available: 1. Current assets include cash, $3,800; accounts receivable, $19,100;

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Brandt Company presents the following December 31, 2019, balance sheet: The folltwing information is also available: 1. Current assets include cash, $3,800; accounts receivable, $19,100; notes receivable (maturity date July 1, 2024), 510,000 ; and tand, 512,000 ; 2. Long-term investments include a $4,500 investment in avalipble-for-sale securities that are expected to be sold in 2020 and a 59,000 investment in Dray company bonds that are expected to be held until their December 31, 2022, maturity date: 3. Property, piant, and equipment include buildings costing 463,400 , inventery costing 530,500 , and equipment costing $29,600. 4. Intangible assets include patents that cost $8,000 (and on which $2,300 amortization has accumulated) and treasury stock that cost $1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2020), 52,900 ; sinking fund for bond retirement, $7,000; and trademarks that cost $3,700 and are not impaired. 6. Current Habilities include accounts payable, $19,400; bends payable (maturity date December 31,2024 ), \$40,000; and acerued income taxes payable, $7,200. 7. Long-term liabilities include accrued wages, $4,100; and mortgage payable (which is due in flve equal annual payrivents starting Decernber 31,2020 ), $20,000. 8. Contributed capital includes common stock (\$5 par), \$11,000; and preferred stock ( $100 par), $6,000. 9. Unrealized capital includes premium on bonds payable, $4,300; additional paid-in capital on preferred stock, $2,400; additional paid-in capital on comenan stock, $14,700; and accumulated other comprehensive income, $1,100. 10. Retained earnings includes unrestricted retained earnings, 538,100 ; allowance for doubiful accounts, 5700 ; and accumulated depreciation on budings and equipment of $21,000 and $13,000, respectively. Eased oh the preceding information, prepare a properly classified December 31,2019, balance sheet for Arandt. Property, Plant, and Equipment Total property, plant, and equipment Intangible Assets Total intangible assets Total Assets Liabilities Current Labilities Total current llabilities Long-Ferm Liabilities Total long-term liabilitics Total Liabilities Shareholders' Equity Contributed Capital Total contributed capital Total contributed capital, retained earnings, and accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

What is group replacement? Explain with an example. (2-3 lines)

Answered: 1 week ago