Based on your observation by using financial statement analysis, is BruceCompany's overall operation in year 2021 better than year 2020?Explain your answer Bruce CompanyAdjusted Trial BalanceDecember 31, 2020CashP60,000Notes Receivable250,000Office Supplies48,000Land300,000Building1,590,000Accumulated Depreciation - BuildingP 216,000EquipmentAccumulated Depreciation - EquipmentAccounts PayableTax Payable2,150,000489,000550,00040,000Bruce, Capital, 1/1/2020Bruce, Withdrawal2,537,000500,000Consulting Revenues1,548,000Salaries Expense400,000Advertising ExpenseMiscellaneous Expense50,00032,000P5,380,000P5,380,000 Presented below is the unadjusted trial balance of the Bruce Companyfor the year ended Dec. 31, 2021:Bruce CompanyUnadjusted Trial BalanceDecember 31, 2021Cash45,000Notes Receivable360,000InventoryOffice Supplies156,00063,000Land300,000Building1,590,000Accumulated Depreciation - BuildingP 254,000Equipment2,150,000Accumulated Depreciation - Equipment612,000Accounts Payable213,000Unearned Consulting Revenue450,000Bruce, Capital, 1/1/20212,655,000Bruce, Withdrawal600,000Consulting Revenues2,108,000Salaries Expense875,000Repairs ExpenseMiscellaneous Expense116,00037,000P 6,292,000TotalsP6,292,000

To evaluate the performance of Bruce company for the year 2021 compared to the year 2020, we will…

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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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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

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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