acc1 slp

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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 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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