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    Income Statement, Bal. Sheet, and analysis

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    Below find a working trial balance for Smith Company.
    Smith Company
    31-Dec-12
    Trial Balance (accounts in alphabetical order)
    Debit Credit
    Accounts payable 67,000
    Accounts receivable 24,500
    Cash 16,700
    Common stock 10,000
    Depreciation expense 24,350
    Cost of goods sold 254,000
    Equipment (net of depreciation) 296,000
    Insurance 1,400
    Inventory 25,000
    Long-term debt 145,000
    Marketing 4,500
    Paid-in capital 90,000
    Property taxes 8,900
    Rent 18,000
    Retained earnings ???
    Revenues 406,000
    Salaries 67,500
    Utilities 6,700

    Total 747,550 718,000

    Required
    Prepare an income statement and a balance sheet in good format based on the trial balance below.
    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.

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    https://brainmass.com/business/income-statement/income-statement-bal-sheet-and-analysis-473141

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    Income Statement, Balance Sheet, Analysis

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    Solution Summary

    Prepare an income statement and a balance sheet in good format based on the trial balance below.
    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.

    $2.19

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