Income Statement? One client had indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.? The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of good sold. She included total production costs for 2012 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.Nybrostrand Company31-Dec-12Trial Balance (accounts in alphabetical order)Debit CreditAccounts payable 78,000Accounts receivable 36,500Cash 16,700Common stock 10,000Depreciation expense 24,350Cost of goods sold 317,000Equipment (net of depreciation) 395,000Insurance 1,400Inventory 34,000Long-term debt 127,000Marketing 4,500Paid-in capital 50,000Property taxes 16,900Rent 28,000Retained earnings ?Revenues 586,000Salaries 78,500Utilities 6,700Total 959,550 851,000Prepare an income statement for the company in good format. Always include the name of the company and the priod covered in the title. Don?t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept.The submission should be 2 to 3 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.SEC MODULE INFO:Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.Generally Accepted Accounting Principles (US GAAP);International Accounting Standards (IFRS);Securities and Exchange Commission (SEC);Annual report; and10-KPart II: Explain the accounting equation with actual dollar amounts, prepare a table showing the equation, and show a list of accounts belonging to each category in the equation. You should include at least five accounts for each category.Part III. Comment on the primary intended audience of the financial statements. What other groups that may be interested in the financial information released by the company? Discuss.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 Company31-Dec-12Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable$ 78,000Accounts receivable$ 36,500Cash16,700Common stock10,000Depreciation expense24,350Cost of goods sold317,000Equipment (net of depreciation)395,000Insurance1,400Inventory34,000Long-term debt127,000Marketing4,500Paid-in capital50,000Property taxes16,900Rent28,000Retained earnings?Revenues586,000Salaries78,500Utilities6,700Total959,550851,000WHAT IS YOUR BUDGET? CHAT LIVE WITH OUR CREDIT CONTROLLER NOW AND GIVE US YOUR BUDGET AND WE WILL GIVE FAVORABLE RATES TO YOUCategory: Management
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