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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