Question Details

ACC 201 Module 1 SLP FINANCIAL STATEMENTS

Module 1 SLP
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