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MA CNOW Assignment Corrections to Balance Sheet Brandt Company presents the following December 31, 2019, balance sheet: Brandt Company Sheet of Balances for Year Ended
MA CNOW Assignment Corrections to Balance Sheet Brandt Company presents the following December 31, 2019, balance sheet: Brandt Company Sheet of Balances for Year Ended December 31, 2019 Currenties Lang termas Contributed Current assets Long term investments Property, plant, and equipment Intele assets Other assets Total assets 13.500 123.500 7.500 13,600 5203.000 567,000 23,700 17,000 22.000 71,500 5202.000 Rendang 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 $4,500 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, $1,400. 10. Retained earnings includes unrestricted retained earnings, $36,800; allowance for doubtful accounts, $700; and accumulated depreciation on buildings and equipment of $21,000 and $13,000, respectively. Required: Based on the preceding information, prepare a properly classified December 31, 2019, balance sheet for Brandt. Balance Sheet December 31, 2019 Assets Current Assets Cash 3,800 4,500 10.100 700 17,400 30,500 Investments in available-for-sale securities Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid insurance Total current assets Long-Term Investments Notes receivable (due 2024) 2.900 59,100 9.000 10.000 7,000 26,000 12,000 63.400 Sinking fund for bond retirement Total long-term investments Property, Plant, and Equipment Land Buildings Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Intangible Assets Total intangible assets Total Assets Liabilities Current Liabilities Accounts payable bald Total current liabilities Long-Term Liabilities Total long-term liabilities Total Liabilities Shareholders' Equity Contributed Capital DOOD Total contributed capital Total contributed capital, retained earnings, and accumulated other comprehensive income Total Stockholders' Equity Total Liabilities and Stockholders' Equity Check My Work 3 more Check My Work uses remaining Previous Next
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