The adjusted trial balance of Bridgeport Company and other related information f
ID: 2541230 • Letter: T
Question
The adjusted trial balance of Bridgeport Company and other related information for the year 2017 are presented as follows.
BRIDGEPORT COMPANY
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
Cash
$ 44,440
Accounts Receivable
166,940
Allowance for Doubtful Accounts
$ 9,070
Prepaid Insurance
6,270
Inventory
211,940
Equity Investments (long-term)
342,440
Land
88,440
Construction in Progress (building)
127,440
Patents
36,000
Equipment
403,440
Accumulated Depreciation-Equipment
240,370
Discount on Bonds Payable
20,000
Accounts Payable
151,440
Accrued Liabilities
52,640
Notes Payable
97,440
Bonds Payable
203,440
Common Stock
503,440
Paid-in Capital in Excess of Par-Common Stock
45,000
Retained Earnings
144,510
$1,447,350
$1,447,350
Additional information:
Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
BRIDGEPORT COMPANY
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017
Debit
Credit
Cash
$ 44,440
Accounts Receivable
166,940
Allowance for Doubtful Accounts
$ 9,070
Prepaid Insurance
6,270
Inventory
211,940
Equity Investments (long-term)
342,440
Land
88,440
Construction in Progress (building)
127,440
Patents
36,000
Equipment
403,440
Accumulated Depreciation-Equipment
240,370
Discount on Bonds Payable
20,000
Accounts Payable
151,440
Accrued Liabilities
52,640
Notes Payable
97,440
Bonds Payable
203,440
Common Stock
503,440
Paid-in Capital in Excess of Par-Common Stock
45,000
Retained Earnings
144,510
$1,447,350
$1,447,350
Explanation / Answer
BRIDGEPORT COMPANY
Balancesheet
as on December 31,2017
**Current portion of Bond payable :
Discount on bond payable (current portion ) 2000 out of 20000 [2000/20000= 10%]
Bond payable (current)203440*10% = 20344
Non current portion of bond payable : 203440-20344= 183096
Discount on bond payable (non current portion ) 20000-2000= 18000
BRIDGEPORT COMPANY
Balancesheet
as on December 31,2017
Assets cash 44440 Accounts receivable 166940 less:Allowance for doubtful account (9070) 157870 Inventory [LIFO] 211940 Prepaid insurance 6270 Total current asset 420520 Long term Investment Equity investment 342440 plant ,Property and equipment Land 88440 construction in progress 127440 Equipment 403440 less:Accumulated depreciation (240370) 163070 Total plant, property and equipment 378950 Intangible asset Patent 36000 Total asset 1177910 Liabilities and stockholders equity current liabilities Accounts Payable 151440 Notes payable 97440 Accrued Liabilities 52640 Bond payable 20344 Discount on Bonds Payable (2000) 18344 319864 Long term debt Bond payable (8% ,mature in2028) 183096 less:Discount on bond payable (18000) 165096 stockholders equity 600,000 shares of common stock of a par value of $1 were authorized, of which 503,440 shares were issued and outstanding. 503440 Paid-in Capital in Excess of Par-Common Stock 45000 Total paid in capital 548440 Retained earning 144510 Total stockholders equity 692950 Total liabilities and stockholders equity 1177910Related Questions
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