29 Jun Question Below find the trial balance for Nybrostrand Company
Question
Below find the trial balance for Nybrostrand Company.
Prepare an income statement and balance sheet in good format. 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-11
Trial Balance (accounts in alphabetical order)
Debit Credit
Accounts payable $ 67,000
Accounts receivable $ 24,500
Cash 16,700
Common stock 10,000
Depreciation expense 24,350
Cost of goods sold 254,000
Equipment (net of depreciation) 425,000
Insurance 1,400
Inventory 25,000
Long-term debt 145,000
Marketing 4,500
Paid-in capital 90,000
Property taxes 8,900
Rent 18,000
Retained earnings ?
Revenues 456,000
Salaries 67,500
Utilities 6,700
Total 876,550 768,000
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