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-11

Trial Balance (accounts in alphabetical order)

Debit
Credit

Accounts payable

$ 78,000

Accounts receivable
$ 36,500

Cash
16,700

Common stock

10,000

Depreciation expense
24,350

Cost of goods sold
317,000

Equipment (net of depreciation)
395,000

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
959,550
851,000

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.