ACC – Nybrostrand Company Problem

We’re continuing to analyze the same company as in modules 2 and 3.Additional information added in module 3: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 2013 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 $40,000 and a note to the bank covers the rest.Nybrostrand Company31-Dec-13Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable $ 78,000Accounts receivable $ 50,000Cash 50,000Common 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 50,000Utilities 6,700Total987,850851,000Prepare 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 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.More information is provided on the attachment provided.

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