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Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format based on financial statements .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
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.
Income Statement
For the year ended December 31, 2014
Account
Revenue
Gross Profit
Expenses
Depreciation Expense
Net Profit
Balance Sheet
As of December 31, 2014
Assets
Liabilities
Current Assets
Current Liabilities
Accounts Receivable
Long Term Liabilities
Fixed Assets
Equipment
Owners' Equity
Land
Common Stock
Total Assets
Total Liabilities and Owners' Equity
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