Trial balance for Smith Company

Below find a working trial balance for Smith Company.

Smith Company
31-Dec-15
Trial Balance (accounts in alphabetical order)
  Debit Credit
Accounts payable   67,000
Accounts receivable 24,500  
Cash 50,000  
Common stock   10,000
Depreciation expense 24,350  
Cost of goods sold 234,000  
Equipment (net of depreciation) 316,000  
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   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 onFormats 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.

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