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ACC 201 Module 1 SLP FINANCIALSTATEMENTS
Module 1 SLP
FINANCIAL STATEMENTS
Below, find the trial balance for Nybrostrand Company. Prepare an income statement and balance
sheet, in good format, based on Formats of Financial Statements (Presentations). 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-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

2. 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
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STATEMENTS-Module-1-SLP-F-49222
ACC 201 Module 2 Discussion
Module 2 Discussion
The financial statements are the representation of management. How can investors and other third
parties trust this information? Discuss the CPA's role as an external auditor.
Do research on the Internet and show the reference for the information. Don't forget to also respond
to a colleague's posts.
Professor’s Note: In addition to searching the Internet for text related to this discussion, please
watch the following videos (click on the following link to access these videos) and post your
comments.

3. http://www.youtube.com/watch?v=uz-TSaCL3LQ Business Accounting: How to perform an External
Audit-Accounting Supplemental-Program Steam
http://www.youtube.com/ watch?v=3rVmbGfhaps Basic Accounting: What Are Generally Accepted
Auditing Standards?
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ACC 201 Module 2 Case INCOME STATEMENT
Module 2 Case
INCOME STATEMENT
Assignment Overview
There are two main parts to this Case that require you to prepare and submit a 3- to 5-page paper.
Please make sure this paper is well organized and covers all of the items below.
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 Samsung:
http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. 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.

4. • 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, comment on both aspects and show some examples.
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ACC 201 Module 2 SLP INCOME STATEMENT
Module 2 SLP
INCOME STATEMENT
We are using the same company as in the first Module. However, you need to consider some
additional information.
• One client 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 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.
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

5. 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
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