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resented below is the balance sheet of Bramble Corporation for the current year, 2020. BRAMBLE CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 489,050
resented below is the balance sheet of Bramble Corporation for the current year, 2020.
BRAMBLE CORPORATION BALANCE SHEET DECEMBER 31, 2020 | ||||||
Current assets | $ 489,050 | Current liabilities | $ 384,050 | |||
Investments | 644,050 | Long-term liabilities | 1,004,050 | |||
Property, plant, and equipment | 1,724,050 | Stockholders equity | 1,774,050 | |||
Intangible assets | 305,000 | $3,162,150 | ||||
$3,162,150 |
The following information is presented.
1. | The current assets section includes cash $154,050, accounts receivable $174,050 less $14,050 for allowance for doubtful accounts, inventories $184,050, and unearned rent revenue $9,050. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. | |
2. | The investments section includes the cash surrender value of a life insurance contract $44,050; investments in common stock, short-term $84,050 and long-term $274,050; and bond sinking fund $241,900. The cost and fair value of investments in common stock are the same. | |
3. | Property, plant, and equipment includes buildings $1,044,050 less accumulated depreciation $364,050, equipment $454,050 less accumulated depreciation $184,050, land $504,050, and land held for future use $270,000. | |
4. | Intangible assets include a franchise $169,050, goodwill $104,050, and discount on bonds payable $31,900. | |
5. | Current liabilities include accounts payable $144,050, notes payable-short-term $84,050 and long-term $124,050, and income taxes payable $31,900. | |
6. | Long-term liabilities are composed solely of 7% bonds payable due 2028. | |
7. | Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 74,050 shares for $444,300, and common stock, $1.00 par value, authorized 400,000 shares, issued 104,050 shares at an average price of $10. In addition, the corporation has retained earnings of $289,250. |
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above.
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