Income statement (sip) | Business & Finance homework help

We are using the same company as in the first Module. However, you need to consider some additional information.

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  • One client indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.
  • The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.
  • Nybrostrand Company

    31-Dec-14

    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

    982,850

    SLP Assignment Expectations

    Prepare an income statement for the company in good format. Always include the name of the company and the period covered in the title. Don’t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept. 

    The submission should be 2- to 4-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.