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) 342,650
Inventories (lower-of-average-cost-or-market) 403,650
Equity investments (trading)—at cost (fair value $123,330) 143,330
Property, plant, and equipment
Buildings (net) 573,330
Equipment (net) 163,330
Land held for future use 178,330
Cash surrender value of life insurance 92,650
Prepaid expenses 14,650
Accounts payable 138,330
Notes payable (due next year) 127,650
Pension obligation 85,330
Rent payable 51,650
Premium on bonds payable 55,650
Bonds payable 503,330
Common stock, $1.00 par, authorized 400,000 shares, issued 292,650 292,650
Additional paid-in capital 182,650
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,650 and for the office equipment, $107,650. The allowance for doubtful accounts has a balance of $19,650. 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.)
Presented below is the trial balance of Vivaldi Corporation at December 31, 2012.
Debt Investments (trading) (cost, $145,000) 155,670
Cost of Goods Sold 4,802,670
Debt Investments (long-term) 302,110
Equity Investments (long-term) 280,110
Notes Payable (short-term) 92,670
Accounts Payable 457,670
Selling Expenses 2,002,670
Investment Revenue 64,260
Dividends Payable 139,110
Accrued Liabilities 98,670
Accounts Receivable 437,670
Accumulated Depreciation—Buildings 352,000
Allowance for Doubtful Accounts 27,670
Administrative Expenses 901,260
Interest Expense 212,260
Extraordinary Gain 81,260
Notes Payable (long-term) 903,110
Bonds Payable 1,003,110
Accumulated Depreciation—Equipment 60,000
Common Stock ($5 par) 1,002,670
Treasury Stock 193,670
Retained Earnings 81,110
Paid-in Capital in Excess of Par 83,110
Calculate ending retained earnings and prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes. (List current assets in order of liquidity. List property plant and equipment in order of land, building and equipment.)
Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31.
Cash $205,670 $102,180
Accounts receivable 235,800 242,350
Investments 68,120 96,940
Equipment 390,380 314,400
Less: Accumulated depreciation—equipment (138,860 ) (116,590 )
Current liabilities 175,540 197,810
Capital stock 209,600 209,600
Retained earnings 375,970 231,870
Investments were sold at a loss (not extraordinary) of $9,170; no equipment was sold; cash dividends paid were $65,500; and net income was $209,600.
(a) Prepare a statement of cash flows for 2012 for Sondergaard Corporation. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
As loan analyst for Madison Bank, you have been presented the following information.
Plunkett Co. Herring Co.
Cash $117,200 $319,000
Receivables 210,300 306,200
Inventories 579,400 510,100
Total current assets 906,900 1,135,300
Other assets 505,200 614,100
Total assets $1,412,100 $1,749,400
Liabilities and Stockholders’ Equity
Current liabilities $308,100 $349,600
Long-term liabilities 390,400 505,200
Capital stock and retained earnings 713,600 894,600
Total liabilities and stockholders’ equity $1,412,100 $1,749,400
Annual sales $935,700 $1,517,200
Rate of gross profit on sales 30 % 40 %
Each of these companies has requested a loan of $50,010 for 6 months with no collateral offered. In as much as your bank has reached its quota for loans of this type, only one of these requests is to be granted.
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, MyEssay.Help has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At MyEssay.help, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
MyEssay.help has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At MyEssay.help, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.