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.
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
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 need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.
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