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Brandt Company Sheet of Balances for Year Ended December 31, 2019 Current assets $ 43,900 Current liabilities $ 67,000 Long-term investments 14,000 Long-term liabilities
Brandt Company Sheet of Balances for Year Ended December 31, 2019 Current assets $ 43,900 Current liabilities $ 67,000 Long-term investments 14,000 Long-term liabilities 23,700 Property, plant, and equipment 123,500 Contributed capital 17,000 Intangible assets Other assets 7,500 13,600 Unrealized capital 23,100 Total assets $202,500 Retained earnings Total equities 71,700 $202,500 The following information is also available: 1. Current assets include cash, $3,800; accounts receivable, $18,100; notes receivable (maturity date July 1, 2024), $10,000; and land, $12,000. 2. Long-term investments include a $5,000 investment in available-for-sale securities that are expected to be sold in 2020 and a $9,000 investment in Dray Company bonds that are expected to be held until their December 31, 2022, maturity date. 3. Property, plant, and equipment include buildings costing $63,400, inventory costing $30,500, 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), $2,900; sinking fund for bond retirement, $7,000; and trademarks that cost $3,700 and are not impaired. 6. Current liabilities include accounts payable, $19,400; bonds payable (maturity date December 31, 2024), $40,000; and accrued income taxes payable, $7,600. 7. Long-term liabilities include accrued wages, $3,700; and mortgage payable (which is due in five equal annual payments starting December 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 common stock, $14,700; and accumulated other comprehensive income, $1,700. 10. Retained earnings includes unrestricted retained earnings, $37,000; allowance for doubtful accounts, $700; and accumulated depreciation on buildings and equipment of $21,000 and $13,000, respectively.
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