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Based on your observation by using financial statement analysis, is Bruce Company's overall operation in year 2021 better than year 2020? Explain your answer

Based on your observation by using financial statement analysis, is Bruce Company's overall operation in year 2021 better than year 2020? Explain your answer

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...
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Based on your observation by using financial statement analysis, is Bruce Company's overall operation in year 2021 better than year 2020? Explain your answer
Bruce Company Adjusted Trial Balance December 31, 2020 Cash P 60,000 Notes Receivable 250,000 Office Supplies 48,000 Land 300,000 Building 1,590,000 Accumulated Depreciation - Building P 216,000 Equipment Accumulated Depreciation - Equipment Accounts Payable Tax Payable 2,150,000 489,000 550,000 40,000 Bruce, Capital, 1/1/2020 Bruce, Withdrawal 2,537,000 500,000 Consulting Revenues 1,548,000 Salaries Expense 400,000 Advertising Expense Miscellaneous Expense 50,000 32,000 P5,380,000 P5,380,000
Transcribed Image Text:Bruce Company Adjusted Trial Balance December 31, 2020 Cash P 60,000 Notes Receivable 250,000 Office Supplies 48,000 Land 300,000 Building 1,590,000 Accumulated Depreciation - Building P 216,000 Equipment Accumulated Depreciation - Equipment Accounts Payable Tax Payable 2,150,000 489,000 550,000 40,000 Bruce, Capital, 1/1/2020 Bruce, Withdrawal 2,537,000 500,000 Consulting Revenues 1,548,000 Salaries Expense 400,000 Advertising Expense Miscellaneous Expense 50,000 32,000 P5,380,000 P5,380,000
Presented below is the unadjusted trial balance of the Bruce Company for the year ended Dec. 31, 2021: Bruce Company Unadjusted Trial Balance December 31, 2021 Cash 45,000 Notes Receivable 360,000 Inventory Office Supplies 156,000 63,000 Land 300,000 Building 1,590,000 Accumulated Depreciation - Building P 254,000 Equipment 2,150,000 Accumulated Depreciation - Equipment 612,000 Accounts Payable 213,000 Unearned Consulting Revenue 450,000 Bruce, Capital, 1/1/2021 2,655,000 Bruce, Withdrawal 600,000 Consulting Revenues 2,108,000 Salaries Expense 875,000 Repairs Expense Miscellaneous Expense 116,000 37,000 P 6,292,000 Totals P6,292,000
Transcribed Image Text:Presented below is the unadjusted trial balance of the Bruce Company for the year ended Dec. 31, 2021: Bruce Company Unadjusted Trial Balance December 31, 2021 Cash 45,000 Notes Receivable 360,000 Inventory Office Supplies 156,000 63,000 Land 300,000 Building 1,590,000 Accumulated Depreciation - Building P 254,000 Equipment 2,150,000 Accumulated Depreciation - Equipment 612,000 Accounts Payable 213,000 Unearned Consulting Revenue 450,000 Bruce, Capital, 1/1/2021 2,655,000 Bruce, Withdrawal 600,000 Consulting Revenues 2,108,000 Salaries Expense 875,000 Repairs Expense Miscellaneous Expense 116,000 37,000 P 6,292,000 Totals P6,292,000
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