Accounting

Accounting

Income statement

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-12
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     851,000

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