Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. After you…

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-13

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

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50,000

Property taxes

16,900

Rent

28,000

Retained earnings

?

Revenues

586,000

Salaries

50,000

Utilities

6,700

Total

954,350

851,000

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