Bruno Company has decided to expand its operations. The bookkeeper recently completed the statement of financial position shown on the next page in order to obtain additional funds for expansion.

Instructions Prepare a revised statement of financial position given the available information. Assume that the accumulated depreciation balance for the buildings is €160,000 and for the equipment, €105,000. The allowance for doubtful accounts has a balance of €17,000. The pension liability is considered a non-current liability.

Transcribed Image Text:

BRUNO COMPANY STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Current assets Cash 260,000 Accounts receivable (net) 340,000 Inventory (at lower-of-average-cost-or-net realizable value) 401,000 Trading securities-at cost (fair value 120,000) 140,000 Property, plant, and equipment Buildings (net) 570,000 Equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 Other identifiable assets 90,000 Prepaid expenses 12,000 Current liabilities Accounts payable 135,000 Notes payable (due next year) 125,000 Pension liability 82,000 Rent payable 49,000 Premium on bonds payable 53,000 Non-current liabilities Bonds payable 500,000 Equity Share capital-ordinary, 1.00 par, authorized 400,000 shares, issued 290,000 290,000 Share premium-ordinary 180,000 Retained earnings ?