support@firstclassdissertations.com

+44 1223 96 8144

1 (347) 632-0583

Nybrostrand Company

• 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 may have made a mistake when computing cost of good sold. She included total production costs for 2011 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 4:
• The company made a secondary offering of stock and raised an additional $150,000.
• 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 downpayment is $50,000 and a note to the bank covers the rest.
Nybrostrand Company
31-Dec-12
Trial Balance (accounts in alphabetical order)
Debit Credit
Accounts payable 78,000
Accounts receivable 36,500
Cash 16,700
Common stock 10,000
Depreciation expense 24,350
Cost of goods sold 317,000
Equipment (net of depreciation) 395,000
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 959,550 851,000
Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in module 3 and also consider the effect of paying the dividend. You do not need to include the income statement.
The submission should be 2 to 3 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

MODULE 2
Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.
• Generally Accepted Accounting Principles (US GAAP);
• International Accounting Standards (IFRS);
• Securities and Exchange Commission (SEC);
• Annual report; and
• 10-K
Part II: Explain the accounting equation with actual dollar amounts, prepare a table showing the equation, and show a list of accounts belonging to each category in the equation. You should include at least five accounts for each category.
Part III. Comment on the primary intended audience of the financial statements. What other groups that may be interested in the financial information released by the company? Discuss.
Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. 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 Company
31-Dec-12
Trial Balance (accounts in alphabetical order)
Debit Credit
Accounts payable $ 78,000
Accounts receivable $ 36,500
Cash 16,700
Common stock 10,000
Depreciation expense 24,350
Cost of goods sold 317,000
Equipment (net of depreciation) 395,000
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 959,550 851,000

MODULE 3
Part I.
• Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes?
• Explain the difference between a product and period expense.
• Discuss the matching concept as it relates to accounting for revenues and inventory.
Part II. Refer to the latest annual financial statements for the two following companies: Apple: http://investor.apple.com/ and Philips: http://www.philips.com/about/investor/index.html. Generally, this information is found in the Investor Relations area of the website.
Clearly identify the companies, the time period, and include the link to the financial statements you are analyzing in your report.
• What accounting conventions do the two companies follow, US GAAP or IFRS?
• Locate the income statement for the past two years for both companies. Prepare a table comparing five items or more from each statement.
• Comment on the changes from one year to another. Is the company doing better or worse? Did revenues and expenses increase or decrease?
• Is it easy to discern trends or compare the information from year to year and between the two companies? Please, comments on both aspects and show some examples.
We are using the same company as in the second module. However, you need to consider some additional information.
• One client had indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. 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 good sold. She included total production costs for 2012 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.

Nybrostrand Company
31-Dec-12

Trial Balance (accounts in alphabetical order)
Debit Credit
Accounts payable 78,000
Accounts receivable 36,500
Cash 16,700
Common stock 10,000
Depreciation expense 24,350
Cost of goods sold 317,000
Equipment (net of depreciation) 395,000
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 959,550 851,000
Prepare an income statement for the company in good format. Always include the name of the company and the priod covered in the title. Don’t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept

WHAT IS YOUR BUDGET? CHAT LIVE WITH OUR CREDIT CONTROLLER NOW AND GIVE US YOUR BUDGET AND WE WILL GIVE FAVORABLE RATES TO YOU!!!

Read More
  • You choose font
  • 12 point font size
  • Double spaced
  • Text aligned left
  • One inch margins
  • A wide range of services
  • Money-back guarantee
  • Free extras by your request
  • Custom-written papers
  • Free amendments upon request
  • Professional team of writers