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.

 

 

Current assets    

 

Cash$260,000 

 

Accounts receivable (net)340,000   

 

Inventories at lower of average cost or market401,000    

 

Trading securities-at cost (fair value $120,000)140,000 

 

Property, plant, and equipment     

 

Building (net)570,000

 

Office equipment (net)160,000    

 

Land held for future use175,000

 

Intangible assets     

 

Goodwill80,000    

 

Cash surrender value of life insurance90,000    

 

Prepaid expenses12,000 Current liabilities       

 

Accounts payable135,000    

 

Notes payable (due next year)125,000    

 

Pension obligation82,000    

 

Rent payable49,000    

 

Premium on bonds payable53,000 

 

Long-term liabilities     

 

Bonds payable500,000 

 

Stockholders’ equity     Common stock, $1.00 par, authorized        400,000 shares, issued 290,000290,000    Additional paid-in capital180,000    Retained earnings?