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Submitted by glangsing on Sat, 2013-11-09 15:55
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Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.



DECEMBER 31, 2012

Current assets

Cash $263,610

Accounts receivable (net) 343,610

Inventories (lower-of-average-cost-or-market) 404,610

Equity investments (trading)—at cost (fair value $121,800) 141,800

Property, plant, and equipment

Buildings (net) 571,800

Equipment (net) 161,800

Land held for future use 176,800

Intangible assets

Goodwill 83,610

Cash surrender value of life insurance 93,610

Prepaid expenses 15,610

Current liabilities

Accounts payable 136,800

Notes payable (due next year) 128,610

Pension obligation 83,800

Rent payable 52,610

Premium on bonds payable 56,610

Long-term liabilities

Bonds payable 501,800

Stockholders’ equity

Common stock, $1.00 par, authorized 400,000 shares, issued 293,610 293,610

Additional paid-in capital 183,610

Retained earnings ?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $163,610 and for the office equipment, $108,610. The allowance for doubtful accounts has a balance of $20,610. The pension obligation is considered a long-term liability. (List current assets in order of liquidity. List property plant and equipment in order of buildings and equipment.)

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