Answered

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.

Answer :

anthougo

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

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