Additional information added in module 2 one client had indicated

Additional information added in module 2

  • One client had 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

 

Homework Assignment Needed

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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