income statement

    Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. 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.
    Nybrostrand Company
    31-Dec-12
    Trial Balance (accounts in alphabetical order)
    Debit Credit
    Accounts payable $ 78,000
    Accounts receivable $ 36,500
    Cash 30,000
    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 ?
    Revenues 586,000
    Salaries 78,500
    Utilities 6,700
    Total 982,850 851,000

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