Question

Oriole Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion.

ORIOLE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020
Current assets
Cash		$232,500
Accounts receivable (net)		342,500
Inventory (lower-of-average-cost-or-market)		403,500
Equity investments (marketable)-at cost (fair value $122,500)		142,500
Property, plant, and equipment
Buildings (net)		572,500
Equipment (net)		162,500
Land held for future use		177,500
Intangible assets
Goodwill		82,500
Cash surrender value of life insurance		92,500
Prepaid expenses		14,500
Current liabilities
Accounts payable		137,500
Notes payable (due next year)		127,500
Pension obligation		84,500
Rent payable		51,500
Premium on bonds payable		55,500
Long-term liabilities
Bonds payable		502,500
Stockholders’ equity
Common stock, $1.00 par, authorized 400,000 shares, issued 292,500		292,500
Additional paid-in capital		162,500
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,500 and for the equipment, $107,500. The allowance for doubtful accounts has a balance of $19,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

ORIOLE COMPANY Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $

Answer 1

For showing true and fair view of balance sheet additional matter included in balance sheet for giving all information to stake holders. So that I was taken additional information also for calculation.