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
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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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