Reference no: EM131195292
Analyze the same company.
Additional information added in Module
- One client indicated that they were interested in purchasing $42,500 worth of products. 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.
Additional information for Module
- The company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital.
- The company had already paid $15,000 in dividends before deciding on the offering.
- The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $400,000, the down payment is $40,000 and a note to the bank covers the rest.
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Nybrostrand Company
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31-Dec-14
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Trial Balance (accounts in alphabetical order)
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Debit
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Credit
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Accounts payable
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$ 78,000
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Accounts receivable
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$ 36,500
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Cash
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30,000
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Common stock
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10,000
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Depreciation expense
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24,350
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Cost of goods sold
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307,000
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Equipment (net of depreciation)
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415,000
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Insurance
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1,400
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Inventory
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34,000
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Long-term debt
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127,000
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Marketing
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4,500
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Paid-in capital
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50,000
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Property taxes
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16,900
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Rent
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28,000
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Retained earnings
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?
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Revenues
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586,000
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Salaries
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78,500
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Utilities
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6,700
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Total
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982,850
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982,850
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SLP Assignment Expectations
Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.
The submission should be 2- to 4-pages and need to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format
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