This Paper was prepared for_________ taught by___________
The trial balance data for Nybrostrand Company are used to compose income statement and balance sheet, to measure performance and to evaluate the company results in accordance with FASB Concepts Statement No. 8 (2010).
Trial balance: past years’ retained earnings
The trial balance is unbalanced which means there is an error in some of the accounts. (“Balancing an Unbalanced Trial Balance”, 2010). The most probable source of error is supposed to be retained earnings account which balance is not included in the trial balance. The missing amount or balancing figure on substracting the amount of all credits from the amount of all debits equals Continue reading...