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Bridgeport Corporations balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land
Bridgeport Corporations balance sheet at the end of 2019 included the following items.
Current assets (Cash $ 82,000) | $ 236,480 | Current liabilities | $ 151,480 | ||||
Land | 32,960 | Bonds payable | 101,480 | ||||
Buildings | 121,480 | Common stock | 182,960 | ||||
Equipment | 92,960 | Retained earnings | 46,960 | ||||
Accum. depr.-buildings | ( 31,480 | ) | Total | $ 482,880 | |||
Accum. depr.-equipment | ( 11,000 | ) | |||||
Patents | 41,480 | ||||||
Total | $ 482,880 |
The following information is available for 2020.
1. | Net income was $ 54,810. | |
2. | Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480. | |
3. | Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment. | |
4. | Patent amortization was $ 2,500. | |
5. | Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480. | |
6. | An addition to the building was completed at a cost of $ 28,480. | |
7. | A long-term investment in stock was purchased for $ 16,000. | |
8. | Bonds payable of $ 52,960 were issued. | |
9. | Cash dividends of $ 30,000 were declared and paid. | |
10. | Treasury stock was purchased at a cost of $ 11,000. |
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.)
BRIDGEPORT CORPORATION Balance Sheet Assets $ $ Assets $ $ $ $ Liabilities and Stockholders' Equity $Step by Step Solution
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