Below find a working trial balance for Smith Company. Smith


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HELP! I am so far behind and need help with this assignment. Only 2-4 pages. MOD 1 SLP.docx Below find a working trial balance for Smith Company. Smith Company 31-Dec-15 Trial Balance (accounts in alphabetical order) Debit Accounts payable Credit 67,000 Accounts receivable 24,500 Cash 50,000 Common stock Depreciation expense 10,000 24,350 Cost of goods sold 234,000 Equipment (net of depreciation) 316,000 Insurance 1,400 Inventory 25,000 Long-term debt Marketing 145,000 4,500 Paid-in capital Property taxes Rent 90,000 8,900 18,000 Retained earnings ? Revenues 436,000 Salaries 67,500 Utilities 6,700 Total 780,850 780,850 From the trial balance above, prepare an income statement and a balance sheet in good format based on Formats of Financial Statements (Presentations). After you have completed the two statements comment on the success of the company. Write a short story about the company based on the information from the financial statements you just prepared. You may want to include comments about the profitability and debt load of the company. Assignment Expectations It is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing document Read more

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