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BALANCE SHEET
We’re continuing to analyze the same company as in Modules 1 and 2.
Additional information added in Module 2
- One client indicated that they were interested in purchasing $42,500 worth of products. 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 goods sold. She included total production costs for 2014 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.
Additional information for Module 3
- The company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital.
- The company had already paid $15,000 in dividends before deciding on the offering.
- The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $400,000, the down payment is $40,000 and a note to the bank covers the rest.
Nybrostrand Company
31-Dec-14
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
982,850
SLP Assignment Expectations
Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.
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.
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