Income statement (slp)

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

  • 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
Nybrostrand Company
Trial Balance   (accounts in alphabetical
  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


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