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.© BrainMass Inc. brainmass.com June 4, 2020, 2:49 am ad1c9bdddf
Complete solution in proper form attached.
FMV Trading securities 120,000
Less: allowance for doubtful acct. 17,000 340,000
Prepaid expenses 12,000
Total current assets 1,133,000
The solution provides assistance with the Bruno Company exercise, exercise E5-5 from Kieso, Intermediate Accounting.