Brandt Company presents the following December 31, 2019, balance sheet: Brandt Company...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Brandt Company presents the following December 31, 2019, balance sheet:
Brandt Company Sheet of Balances for Year Ended December 31, 2019
Current assets
$ 44,900
Current liabilities
$ 66,600
Long-term investments
14,000
Long-term liabilities
23,700
Property, plant, and equipment
123,500
Contributed capital
17,000
Intangible assets
8,000
Unrealized capital
22,800
Other assets
13,600
Retained earnings
73,900
Total assets
$204,000
Total equities
$204,000
The following information is also available:
Current assets include cash, $3,800; accounts receivable, $19,100; notes receivable (maturity date July 1, 2024), $10,000; and land, $12,000.
Long-term investments include a $5,000 investment in available-for-sale securities that are expected to be sold in 2020 and a $9,000 investment in Dray Company bonds that are expected to be held until their December 31, 2022, maturity date.
Property, plant, and equipment include buildings costing $63,400, inventory costing $30,500, and equipment costing $29,600.
Intangible assets include patents that cost $8,500 (and on which $2,300 amortization has accumulated) and treasury stock that cost $1,800.
Other assets include prepaid insurance (which expires on November 30, 2020), $2,900; sinking fund for bond retirement, $7,000; and trademarks that cost $3,700 and are not impaired.
Current liabilities include accounts payable, $19,400; bonds payable (maturity date December 31, 2024), $40,000; and accrued income taxes payable, $7,200.
Long-term liabilities include accrued wages, $3,700; and mortgage payable (which is due in five equal annual payments starting December 31, 2020), $20,000.
Contributed capital includes common stock ($5 par), $11,000; and preferred stock ($100 par), $6,000.
Unrealized capital includes premium on bonds payable, $4,300; additional paid-in capital on preferred stock, $2,400; additional paid-in capital on common stock, $14,700; and accumulated other comprehensive income, $1,400.
Retained earnings includes unrestricted retained earnings, $39,200; allowance for doubtful accounts, $700; and accumulated depreciation on buildings and equipment of $21,000 and $13,000, respectively.
Required:
Based on the preceding information, prepare a properly classified December 31, 2019, balance sheet for Brandt.
Brandt Company Balance Sheet December 31, 2019
Assets
Current Assets
$fill in the blank 2
fill in the blank 4
$fill in the blank 6
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 13
Total current assets
$fill in the blank 14
Long-Term Investments
$fill in the blank 16
fill in the blank 18
fill in the blank 20
Total long-term investments
fill in the blank 21
Property, Plant, and Equipment
$fill in the blank 23
$fill in the blank 25
fill in the blank 27
fill in the blank 28
$fill in the blank 30
fill in the blank 32
fill in the blank 33
Total property, plant, and equipment
fill in the blank 34
Intangible Assets
$fill in the blank 36
fill in the blank 38
Total intangible assets
fill in the blank 39
Total Assets
$fill in the blank 40
Liabilities
Current Liabilities
$fill in the blank 42
fill in the blank 44
fill in the blank 46
fill in the blank 48
Total current liabilities
$fill in the blank 49
Long-Term Liabilities
$fill in the blank 51
$fill in the blank 53
fill in the blank 55
fill in the blank 56
Total long-term liabilities
fill in the blank 57
Total Liabilities
$fill in the blank 58
Shareholders' Equity
Contributed Capital
$fill in the blank 60
fill in the blank 62
fill in the blank 64
fill in the blank 66
Total contributed capital
$fill in the blank 67
fill in the blank 69
fill in the blank 71
Total contributed capital, retained earnings, and accumulated other comprehensive income
$fill in the blank 72
fill in the blank 74
Total Stockholders' Equity
$fill in the blank 75
Total Liabilities and Stockholders' Equity
$fill in the blank 76
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!