Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below is the trial balance of Bramble Corporation at December 31, 2020. Debit Credit Cash $ 201,440 Sales $ 8,102,150 Debt Investments (trading) (at
Presented below is the trial balance of Bramble Corporation at December 31, 2020. Debit Credit Cash $ 201,440 Sales $ 8,102,150 Debt Investments (trading) (at cost, $145,000) 155,150 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,440 Equity Investments (long-term) 281.440 Notes Payable (short-term) 92,150 Accounts Payable 457,150 Selling Expenses 2,002,150 Investment Revenue 67,180 Land 262,150 Buildings 1,044,440 Dividends Payable 140,440 Accrued Liabilities 98,150 Accounts Receivable 437,150 Accumulated Depreciation-Buildings 152,000 27,150 Allowance for Doubtful Accounts Administrative Expenses 904,180 Interest Expense 215,180 Inventory 601,440 Gain 84,180 Notes Payable (long-term) 904,440 Equipment 602,150 Bonds Payable 1,004,440 Accumulated Depreciation Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,002,150 Treasury Stock 193,150 Patents 195,000 Retained Earnings 82,440 Paid-in Capital in Excess of Par 84,440 Totals $12,358,460 $12,358,460 Prepare a balance sheet at December 31, 2020, for Bramble Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet For the Year Ended December 31, 2020 Assets $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started