Working trial balance for Smith Company.

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

 
Required

 

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.
Modular SLP 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.

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