Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format based on financial statements .After you have completed the two statements comment on the success of the company. Support your answer with information from the financial statements you just prepared.
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Nybrostrand Company
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31-Dec-14
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Trial Balance (accounts in alphabetical order)
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Debit
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Credit
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Accounts payable
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$ 78,000
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Accounts receivable
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$ 36,500
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Cash
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30,000
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Common stock
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10,000
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Depreciation expense
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24,350
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Cost of goods sold
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307,000
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Equipment (net of depreciation)
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415,000
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Insurance
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1,400
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Inventory
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34,000
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Long-term debt
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127,000
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Marketing
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4,500
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Paid-in capital
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50,000
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Property taxes
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16,900
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Rent
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28,000
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Retained earnings
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?
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Revenues
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586,000
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Salaries
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78,500
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Utilities
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6,700
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Total
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982,850
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982,850
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SLP Assignment Expectations
The submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.
Nybrostrand Company
Income Statement
For the year ended December 31, 2014
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Account
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Debit
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Credit
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Revenue
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586,000
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Cost of goods sold
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Gross Profit
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Expenses
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Marketing
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Depreciation Expense
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Insurance
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Property taxes
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Rent
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Salaries
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Utilities
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Net Profit
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Nybrostrand Company
Balance Sheet
As of December 31, 2014
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Assets
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Liabilities
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Current Assets
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Current Liabilities
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Cash
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Accounts payable
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Accounts Receivable
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Inventory
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Long Term Liabilities
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Long-term debt
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Fixed Assets
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Equipment
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Owners' Equity
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Land
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Retained earnings
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Common Stock
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Paid-in capital
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Total Assets
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Total Liabilities and Owners' Equity
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