Nybrostrand Company_Prepare an income statement and balance sheet_Answer
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.
Trial Balance (accounts in alphabetical order)
Accounts payable $ 67,000
Accounts receivable $ 24,500
Common stock 10,000
Depreciation expense 24,350
Cost of goods sold 254,000
Equipment (net of depreciation) 425,000
Long-term debt 145,000
Paid-in capital 90,000
Property taxes 8,900
Retained earnings ?
Total 876,550 768,000
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