Instructions Bryant Corporation was incorporated on December 1, 2018, and began operations one week later. Before closing the books for the fiscal year ended November 30, 2019. Bryant's controller prepared the following financial statements: BRYANT CORPORATION Balance Sheet November 30, 2019 Assets Current Assets Cash $130.000.00 4 450,000.00 3 (59.000.00) 430.000.00 15.000.00 Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid insurance Total current assets Property, plant, and equipment 10 Less: Accumulated depreciation 11 R&D costs 51,046,000.00 426.000.00 40.000.00) 120,000.00 $1,552.000.00 1 Total Assets 13 3592,000.00 168.000.00 $750,000.00 Liabilities and Shareholders' Equity 14 Current Liabilities: 15 Accounts payable and accrued expenses Income taxes payable 1% Total current liabilities 11 Shareholders' Equity Common stock, $10 par value 20 Retained earnings Total shareholders' equity 22 Total Liabilities and Shareholders' Equity $400,000.00 392,000.00 $792.000.00 $1,552.000.00 BRYANT CORPORATION Income For Ended over 30, 2019 Net SLO Opera Cost of good Selling and Deprecate chande 2.000 biomes SLO Net Bryant is in the process of negotiating a loan or expansion purposes and the bar as requested audited financial statements. During the one of the the following on omation was trained included in galing and sinistrave expenses were 55.000 wedereen expense related to costs incurred on schwere being developed for sale others. The technological blity of the software has been established D. Based on anong of the accounts receivables et November 30, 2018 estimated that $38.000 of the movie will be collectie cones November 30, 2011. not include work in prostory costing $12.000 sent to antideprocesser on November 26, 2018 d. A$3.000 de premium paid on November 2018, money later was changed to trace . On June 1, 2018 a production machine purchased for $24.000 de and maintenance expense. For financial and tex purposes and machines of this type using the strane method over a 5 yeur te wees L RADcons of 150.000 were incurred in the development of patienterne expects to be granted during the fiscal year ending November 30, 2000. Beyond at Synonization of the 150.000 act during the face and be 30, 2018 . Dumng December 2013. a competitor compared ulagain Bryanstorper Infringement claiming $200.000 in damage Bryant legal courselves untevorable outcome is probable. The towul is deemed besteht should be recognized in the current focal year and a masonable rased on an estimate of the court ward to the plants 80.000 h. The 21 efective tax rate was determined to be store for dating the Provision for income taxes for the fiscal year ended November 29, 2018. gore computation of the deered portion of income to Required: 1. Prepare the necessary comecting and 2. Prepare a connected hele sheet for at of November 2013 anda.com General Journal Instructions > GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DER 1 2 3 4 9 10 11 12 13 14 15 16 17 18 Balance Sheet Instructions BRYANT CORPORATION Balance Sheet November 30, 2019 Assets Current Assets 1 Cash 1 1 Accounts receivable $ Less: Allowance for doubtful accounts Inventories > Prepaid insurance Total current assets Property, plant, and equipment 10 Less: Accumulated depreciation Software development costs 11 Total Assets Liabilities and Shareholders' Equity Current Liabilities 13 Accounts payable and accrued expenses 16 Estimated liability from Lawsuit 1. Income taxes payable # Total current liabilities Shareholders Equity 20 Common stock 21 Retained earnings 2 Total Shareholders' Equity 13 Total Liabilities and Shareholders Equity Income Statement Instructions 3 BRYANT CORPORATION Income Statement For Year Ended November 30, 2019 1 Net sales Operating expenses Cost of goods sold Selling and administrative expense Depreciation expense Research and development expense 7 Total operating expenses Operating income Other items 10 Loss from litigation 11 Income before income taxes 12 Income tax expense 13 Net income
