Project #15294 - accounting

Below find a working trial balance for Smith Company.

Smith Company

31-Dec-12

Trial Balance (accounts in alphabetical order)

 

 Debit

 Credit

Accounts payable

 

 67,000

Accounts receivable

 24,500

 

Cash

 30,000

 

Common stock

 

 10,000

Depreciation expense

 24,350

 

Cost of goods sold

 234,000

 

Equipment (net of depreciation)

 316,000

 

Insurance

 1,400

 

Inventory

 25,000

 

Long-term debt

 

 145,000

Marketing

 4,500

 

Paid-in capital

 

 90,000

Property taxes

 8,900

 

Rent

 18,000

 

Retained earnings

 

 ???

Revenues

 

 406,000

Salaries

 67,500

 

Utilities

 6,700

 

 

 

 

Total

 760,850

 718,000

 

Required

 

  • Prepare an income statement and a balance sheet in good format based on the trial balance below.
  • After you have completed the two statements comment on the success of the company. Write a short story about the company based on the information from the financial statements you just prepared. You may want to include comments about the profitability and debt load of the company.

Modular SLP Assignment Expectations

Subject Business
Due By (Pacific Time) 10/26/2013 01:00 pm
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