Below, find the trial balance for Nybrostrand Company. Prepare an income statement and 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. Support your answer with information from the financial statements you just prepared.Nybrostrand Company31-Dec-14Trial Balance (accounts in alphabetical order)Debit CreditAccounts payable $ 78,000Accounts receivable $ 36,500Cash 30,000Common stock 10,000Depreciation expense 24,350Cost of goods sold 307,000Equipment (net of depreciation) 415,000Insurance 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 982,850 982,850
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