Assignment: FINANCIAL STATEMENTS
Below, find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet, in good format, based on Formats of Financial Statements (Presentations). After you have completed the two statements, comment on the success of the company. Support your answer with information from the financial statements you just prepared.
|
Nybrostrand Company
|
|
31-Dec-14
|
|
Trial Balance (accounts in alphabetical order)
|
|
|
Debit
|
Credit
|
|
Accounts payable
|
|
$ 78,000
|
|
Accounts receivable
|
$ 36,500
|
|
|
Cash
|
30,000
|
|
|
Common stock
|
|
10,000
|
|
Depreciation expense
|
24,350
|
|
|
Cost of goods sold
|
307,000
|
|
|
Equipment (net of depreciation)
|
415,000
|
|
|
Insurance
|
1,400
|
|
|
Inventory
|
34,000
|
|
|
Long-term debt
|
|
127,000
|
|
Marketing
|
4,500
|
|
|
Paid-in capital
|
|
50,000
|
|
Property taxes
|
16,900
|
|
|
Rent
|
28,000
|
|
|
Retained earnings
|
|
?
|
|
Revenues
|
|
586,000
|
|
Salaries
|
78,500
|
|
|
Utilities
|
6,700
|
|
|
|
|
|
|
Total
|
982,850
|
982,850
|
SLP Assignment Expectations
The submission should be 2- to 4-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.