Below find a working trial balance for Smith Company.

Below find a working trial balance for Smith Company.
Smith Company
31-Dec-15
Trial Balance (accounts in alphabetical order)
Debit
Accounts payable

Credit
67,000

Accounts receivable

24,500

Cash

50,000

Common stock
Depreciation expense

10,000
24,350

Cost of goods sold

234,000

Equipment (net of depreciation)

316,000

Insurance

1,400

Inventory

25,000

Long-term debt
Marketing

145,000
4,500

Paid-in capital
Property taxes
Rent

90,000
8,900
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.


Assignment 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