Financial Accounting Nybrostrand Company Had a Moderately Essay

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Financial Accounting

Nybrostrand Company had a moderately successful year last year. Correcting the bookkeeper's error brings the revenue down to $421,500. It also brings the cost of goods sold down to $219,500, since those goods were never sold and need to be deleted from that line. The company's net income after these adjustments is $70,650. This represents a net margin of 16.7%, which could be a good number or a mediocre one, depending on the nature of the company's business.

This income statement gives the same bottom line as the previous income statement.

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The matching principle means that an adjustment to the credit side must be offset with an equal adjustment to the debit side. Thus, in this situation, the cost of goods sold (debt side) was lowered $34,500 as was the revenues (credit side) $34,500. It is not indicated whether or not the bookkeeper made a separate entry to record payment for the transaction, so no adjustment could be made here. It is important that each transaction be matched against another.….....

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"Financial Accounting Nybrostrand Company Had A Moderately" (2011, August 12) Retrieved June 6, 2026, from
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"Financial Accounting Nybrostrand Company Had A Moderately", 12 August 2011, Accessed.6 June. 2026,
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