ACC 403 SLP 1 - Smith Company
Below find a working trial balance for Smith Company.
|
Smith Company |
||
|
31-Dec-15 |
||
|
Trial Balance (accounts in alphabetical order) |
||
|
|
Debit |
Credit |
|
Accounts payable |
|
67,000 |
|
Accounts receivable |
24,500 |
|
|
Cash |
50,000 |
|
|
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 |
|
436,000 |
|
Salaries |
67,500 |
|
|
Utilities |
6,700 |
|
|
Total |
780,850 |
780,850 |
· From the trial balance above, prepare an income statement and a balance sheet in good format based on Formats of Financial Statements (Presentations).
· 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.
Expectations:
It is important to answer the questions as posed.
The document should be two to four pages and written in a clear and concise manner or present tables as required.
Support your discussion or tables with references in APA format.
You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead.
The content should be equivalent to the page length suggested for a word processing document.
PAPER FORMAT AS
FOLLOWS:
Set 1-inch margins on all four sides.
¡Use 12-point type throughout; don’t use
different type sizes.
¡Double-space the text throughout the paper,
including the reference page.
¡Do not put extra spaces between paragraphs or
between headings and paragraphs.
¡Use italics or bold for emphasis, but use them
sparingly or it becomes too distracting for your reader
Must have in-text citations
Must have references!!!
-
Rating:
/5
Solution: ACC 403 SLP 1 - Smith Company