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Bruno Company Exercise for Expanding Operations

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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.

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.

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Solution Summary

The solution provides assistance with the Bruno Company exercise, exercise E5-5 from Kieso, Intermediate Accounting.

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Complete solution in proper form attached.

Current assets
Cash 260,000
FMV Trading securities 120,000
A/R 357,000
Less: allowance for doubtful acct. 17,000 340,000
Inventory 401,000
Prepaid expenses 12,000
Total current assets 1,133,000

Long-term ...

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