Presented below is the trial balance of Bramble Corporation at December 31, 2020.
Debit Credit
Cash $ 201,440
Sales $ 8,102,150
Debt Investments (trading) (at cost, $145,000)
155,150
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 303,440
Equity Investments (long-term) 281.440
Notes Payable (short-term) 92,150
Accounts Payable 457,150
Selling Expenses 2,002,150
Investment Revenue 67,180
Land 262,150
Buildings 1,044,440
Dividends Payable 140,440
Accrued Liabilities 98,150
Accounts Receivable 437,150
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 27,150
Administrative Expenses 904,180
Interest Expense 215,180
Inventory 601,440
Gain 84,180
Notes Payable (long-term) 904,440
Equipment 602,150
Bonds Payable 1,004,440
Accumulated Depreciation Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,002,150
Treasury Stock 193,150
Patents 195,000
Retained Earnings 82,440
Paid-in Capital in Excess of Par 84,440
Totals $12,358,460 $12,358,460
Prepare a balance sheet at December 31, 2020, for Bramble Corporation.

Question

05-10-2020
Business

contestada

Presented below is the trial balance of Bramble Corporation at December 31, 2020.
Debit Credit
Cash $ 201,440
Sales $ 8,102,150
Debt Investments (trading) (at cost, $145,000)
155,150
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 303,440
Equity Investments (long-term) 281.440
Notes Payable (short-term) 92,150
Accounts Payable 457,150
Selling Expenses 2,002,150
Investment Revenue 67,180
Land 262,150
Buildings 1,044,440
Dividends Payable 140,440
Accrued Liabilities 98,150
Accounts Receivable 437,150
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 27,150
Administrative Expenses 904,180
Interest Expense 215,180
Inventory 601,440
Gain 84,180
Notes Payable (long-term) 904,440
Equipment 602,150
Bonds Payable 1,004,440
Accumulated Depreciation Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,002,150
Treasury Stock 193,150
Patents 195,000
Retained Earnings 82,440
Paid-in Capital in Excess of Par 84,440
Totals $12,358,460 $12,358,460
Prepare a balance sheet at December 31, 2020, for Bramble Corporation.

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anthougo anthougo · Answer 1 · 2020-10-06T03:53:48+02:00

Answer:

Bramble Corporation

Assets:

Current Assets:

Cash $ 201,440

Debt Investments (trading)

(at cost, $145,000) 155,150

Accounts Receivable 437,150

Allowance for

Doubtful Accounts 27,150 410,000

Inventory 601,440

Total current assets $1,368,030

Long-term assets:

Debt Investments (long-term) 303,440

Equity Investments (long-term) 281.440

Land 262,150

Buildings 1,044,440

Accumulated Depreciation 152,000 892,440

Equipment 602,150

Accumulated Depreciation 60,000 542,150

Franchises 160,000

Patents 195,000

Total long-term assets $2,636,620

Total assets $4,004,650

Liabilities + Equity:

Current Liabilities:

Notes Payable (short-term) 92,150

Accounts Payable 457,150

Dividends Payable 140,440

Accrued Liabilities 98,150

Total current liabilities $787,890

Notes Payable (long-term) 904,440

Bonds Payable 1,004,440

Total long-term liabilities $1,908,880

Total liabilities $2,696,770

Common Stock ($5 par) 1,002,150

Treasury Stock 193,150

Net Stock outstanding 809,000

Retained Earnings, December 31 414,440

Paid-in Capital in Excess of Par 84,440

Total equity $1,307,880

Total liabilities + equity $4,004,650

Explanation:

a) Data and Calculations:

Debit Credit

Cash $ 201,440

Debt Investments (trading)

(at cost, $145,000) 155,150

Accounts Receivable 437,150

Inventory 601,440

Sales $ 8,102,150

Cost of Goods Sold 4,800,000

Allowance for Doubtful Accounts 27,150

Debt Investments (long-term) 303,440

Equity Investments (long-term) 281.440

Notes Payable (short-term) 92,150

Accounts Payable 457,150

Dividends Payable 140,440

Accrued Liabilities 98,150

Notes Payable (long-term) 904,440

Bonds Payable 1,004,440

Common Stock ($5 par) 1,002,150

Treasury Stock 193,150

Retained Earnings 82,440

Paid-in Capital in Excess of Par 84,440

Investment Revenue 67,180

Land 262,150

Buildings 1,044,440

Accumulated Depreciation-Buildings 152,000

Equipment 602,150

Accumulated Depreciation Equipment 60,000

Franchises 160,000

Patents 195,000

Selling Expenses 2,002,150

Administrative Expenses 904,180

Interest Expense 215,180

Gain 84,180

Totals $12,358,460 $12,358,460

b) Income Statement for the year ended December 31, 2020:

Sales $ 8,102,150

Cost of Goods Sold 4,800,000

Gross profit $3,302,150

Investment Revenue 67,180

Gain 84,180

Total Income before expenses $3,453,510

Selling Expenses 2,002,150

Administrative Expenses 904,180

Interest Expense 215,180

Total Expenses (3,121,510)

Net Income $332,000

Retained Earnings 82,440

Retained Earnings, December 31 $414,440