Financial Statements

Module 2: Financial Statements

Retain Earning Value Calculation

Nybrostrand Company

31-Dec-13

Trial Balance

 

Debit

Credit

Accounts payable

$ 78, 000

Accounts receivable

$ 50, 000

 

Cash

$ 50, 000

 

Common stock

$ 10, 000

Depreciation expense

$ 24, 350

 

Cost of goods sold

$ 307, 000

 

Equipment (net of depreciation)

$ 415, 000

 

Insurance

$ 1, 400

 

Inventory

$ 34, 000

 

Long-term debt

$ 127, 000

Marketing

$ 4, 500

 

Paid-in capital

$ 50, 000

Property taxes

$ 16, 900

 

Rent

$ 28, 000

 

Retained earnings

$ 136, 850

Revenues

$ 586, 000

Salaries

$ 50, 000

 

Utilities

$ 6, 700

 

 

 

Total

$ 987, 850

$ 987, 850

Income Statement

Nybrostrand Company

Income Statement

For the Year Ended December 31, 2013

Revenue

$ 586, 000

Less: Cost of goods ...