02 Jul Income Statement (Sip)
We are using the same company as in the first Module. However, you need to consider some additional information.
- One client indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.
- The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.
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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
Prepare an income statement for the company in good format. Always include the name of the company and the period covered in the title. Don’t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept.
The submission should be 2- to 4-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.
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