Write a short story about the company based on the

Assignment Help Accounting Basics

Reference no: EM13582701

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

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.

Reference no: EM13582701

Questions Cloud

Nicomachus defined a fifth proportion to exist whenever : nicomachus defined a fifth proportion to exist whenever among three terms the middle term is to the lesser as their

Discuss how and why interest expense is allocated between : discuss how and why interest expense is allocated between measurement periods.as a business manager should you be

On february 5 land building and equipment were purchased : on february 5 land building and equipment were purchased for a total amount of 1220000. the assessed values of these

Foyert corp requires a minimum 7500 cash balance if : foyert corp. requires a minimum 7500 cash balance. if necessary loans are taken to meet this requirement at a cost of 2

Write a short story about the company based on the : below find a working trial balance for smith company.smith company31-dec-12trial balance accounts in alphabetical

Should roi be the only gauge a company uses to evaluate : should roi be the only gauge a company uses to evaluate investments? also is it wise for a company to lose money on one

Hear bird songs and feel rain and sunshine on your skin : 1 hear bird songs and feel rain and sunshine on your skin. watch the sun rise and set and notice how the shadows

Sunkiss corporation has 4 billion in assets 3 billion in : sunkiss corporation has 4 billion in assets 3 billion in equity and earned a profit last year as the economy boomed of

Without regard to your answer in 2 above assume : costly manufacturing uses a job order cost accounting system. on oct 1 the company has a balance in work in process

User Account

All Pages