ACC2_M1_S1
jayz1974
acc2_m1s1.docxFinancial Statements
Below you will find a trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format based on Formats of Financial Statements (Attached Worksheet). After you have completed the two statements, explain the success of the company. Support your answer with information from the statement you prepared.
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Nybrostrand Company |
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31-Dec-14 |
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Trial Balance (accounts in alphabetical order) |
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Debit |
Credit |
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Accounts payable |
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$ 78,000 |
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Accounts receivable |
$ 36,500 |
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Cash |
30,000 |
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Common stock |
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10,000 |
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Depreciation expense |
24,350 |
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Cost of goods sold |
307,000 |
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Equipment (net of depreciation) |
415,000 |
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Insurance |
1,400 |
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Inventory |
34,000 |
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Long-term debt |
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127,000 |
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Marketing |
4,500 |
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Paid-in capital |
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50,000 |
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Property taxes |
16,900 |
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Rent |
28,000 |
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Retained earnings |
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? |
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Revenues |
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586,000 |
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Salaries |
78,500 |
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Utilities |
6,700 |
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Total |
982,850 |
982,850 |
The Assignment is attached:
The submission should be 3-4 pages including the financial statement and include answers to all the questions listed above. Show computations, discuss the results and include references in APA format at the end of the paper and supporting your answers.
The paper will be typed in Times New Roman, Font 12, Double Spaced.
