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
Accounts receivable (net) 344,970
Inventories (lower-of-average-cost-or-market) 405,970
Equity investments (trading)—at cost (fair value $123,050) 143,050
Property, plant, and equipment
Buildings (net) 573,050
Equipment (net) 163,050
Land held for future use 178,050
Cash surrender value of life insurance 94,970
Prepaid expenses 16,970
Accounts payable 138,050
Notes payable (due next year) 129,970
Pension obligation 85,050
Rent payable 53,970
Premium on bonds payable 57,970
Bonds payable 503,050
Common stock, $1.00 par, authorized 400,000 shares, issued 294,970 294,970
Additional paid-in capital 184,970
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $164,970 and for the office equipment, $109,970. The allowance for doubtful accounts has a balance of $21,970. 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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