Trident ACC403 module 3 SLP

Module 3 – SLPFINANCIAL ACCOUNTING – BALANCE SHEETWe’re continuing to analyze the same company as in modules 1 and 2.Additional information added in Module 2:One client had indicated that they were interested in purchasing $45,500 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 2012 and did not adjust ending inventory for the $45,500 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 3:The company made a secondary offering of stock and raised an additional $225,000.The company had already paid $22,000 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 $20,000 and a note to the bank covers the rest.Smith Company31-Dec-12Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable67,000Accounts receivable24,500Cash30,000Common stock10,000Depreciation expense24,350Cost of goods sold234,000Equipment (net of depreciation)316,000Insurance1,400Inventory25,000Long-term debt145,000Marketing4,500Paid-in capital90,000Property taxes8,900Rent18,000Retained earnings???Revenues406,000Salaries67,500Utilities6,700Total760,850718,000Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.Assignment ExpectationsIt is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing document.