Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help solving the last part of this problem please!! Question 1 Bramble Corporation's balance sheet at the end of 2016 included the following

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedi need help solving the last part of this problem please!!

Question 1 Bramble Corporation's balance sheet at the end of 2016 included the following items Current assets (Cash $82,000) $236,320 Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Current liabilities $151,320 101,320 181,520 91,520Retained earnings 45,520 $479,680 31,520Bonds payable 121,320 Common stock (31,320) Total (11,000 ) 41,320 Total $479,680 The following information is available for 2017. 1. Net income was $53,040 2. Equipment (cost $21,320 and accumulated depreciation $9,320) was sold for $11,320. 3. Depreciation expense was $5,320 on the building and $10,320 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,320 6. An addition to the building was completed at a cost of $28,320. 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $51,520 were issued 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000

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

Retail Industry IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304114783, 978-1304114785

More Books

Students also viewed these Accounting questions