Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP! I am so far behind and need help with this assignment. Only 2-4 pages. Below find a working trial balance for Smith Company. Smith

HELP! I am so far behind and need help with this assignment. Only 2-4 pages.

image text in transcribed 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting an introduction to concepts, methods and uses

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

13th Edition

978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003

Students also viewed these Accounting questions