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Category > Accounting Posted 01 Aug 2017 My Price 13.00

Nybrostrand Company

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

  

$ 78,000

Accounts receivable

$ 36,500

  

Cash

16,700

  

Common stock

  

10,000

Depreciation expense

24,350

  

Cost of goods sold

317,000

  

Equipment (net of depreciation)

395,000

  

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

959,550

851,000
     

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.

 

We are using the same company as in the first module. However, you need to consider some additional information.

 

  • One client had 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 may have made a mistake when computing cost of good sold. She included total production costs for 2011 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.

 

Nybrostrand Company

31-Dec-11
 

Trial Balance (accounts in alphabetical order)
 

Debit

Credit

Accounts payable

  

78,000

Accounts receivable

36,500

  

Cash

16,700

  

Common stock

  

10,000

Depreciation expense

24,350

  

Cost of goods sold

317,000

  

Equipment (net of depreciation)

395,000

  

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

959,550

851,000

Prepare an income statement for the company in good format. Always include the name of the company and the priod 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 need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

Answers

Alpha Geek
(8)
Status NEW Posted 01 Aug 2017 11:08 AM My Price 13.00

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Attachments

file 1501586295-Nybrostrand Company.docx preview (136 words )
N-----------ybr-----------ost-----------ran-----------d C-----------omp-----------any-----------, -----------31------------Dec------------11----------- In-----------com-----------e S-----------tat-----------eme-----------nt -----------Rev-----------enu-----------es -----------586-----------,00-----------0 l-----------ess----------- Co-----------st -----------of -----------goo-----------ds -----------sol-----------d 2-----------74,-----------500----------- (3-----------170-----------00 -----------les-----------s 4-----------250-----------0) -----------Gro-----------ss -----------Pro-----------fit----------- 31-----------1,5-----------00 -----------Sal-----------ari-----------es -----------78,-----------500----------- Ut-----------ili-----------tie-----------s 6-----------,70-----------0 R-----------ent----------- 28-----------,00-----------0 P-----------rop-----------ert-----------y t-----------axe-----------s 1-----------6,9-----------00 -----------Mar-----------ket-----------ing----------- 4,-----------500----------- In-----------sur-----------anc-----------e 1-----------,40-----------0 D-----------epr-----------eci-----------ati-----------on -----------exp-----------ens-----------e 2-----------4,3-----------50 -----------les-----------s T-----------ota-----------l O-----------per-----------ati-----------ng -----------Exp-----------ens-----------es -----------160-----------,35-----------0 O-----------per-----------ati-----------ng -----------Inc-----------ome----------- 15-----------1,1-----------50 -----------The----------- co-----------mpa-----------ny -----------is -----------ope-----------rat-----------ing----------- go-----------od -----------in -----------the----------- in-----------dus-----------try----------- as----------- th-----------e o-----------per-----------ati-----------ng -----------mar-----------gin----------- is----------- mo-----------re -----------tha-----------n 2-----------5% -----------whi-----------ch -----------is -----------qui-----------te
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