Presented below is the trial balance of thompson corporation at

P4-2 (Single-Step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Thompson Corporation at December 31, 2014.

 

THOMPSON CORPORATION

Trial Balance

December 31, 2014

 

Debits

Credits

Purchase Discounts

 

$10,000

Cash

$189,700

 

Accounts Receivable

105,000

 

Rent Revenue

 

18,000

Retained Earnings

 

160,000

Salaries and Wages Payable

 

18,000

Sales

 

1,100,000

Notes Receivable

110,000

 

Accounts Payable

 

49,000

Accumulated Depreciation-Equipment

 

28,000

Sales Discounts

14,500

 

Sales Returns

17,500

 

Notes Payable

 

70,000

Selling Expenses

232,000

 

Administrative Expenses

99,000

 

Common Stock

 

300,000

Income Tax Expense

53,900

 

Cash Dividends

45,000

 

Allowance for Doubtful Accounts

 

5,000

Supplies

14,000

 

Freight-in

20,000

 

Land

70,000

 

Equipment

140,000

 

Bonds Payable

 

100,000

Gain on Sale of Land

 

30,000

Accumulated Depreciation-Building

 

19,600

Inventory

89,000

 

Building

98,000

 

Purchases

610,000

 

Totals

$1,907,600

$1,907,600

 

A physical count of inventory on December 31 resulted in an inventory amount of $64,000 thus, cost of goods sold for 2014 is $645,000

 

Instructions

Prepare a single-step income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. 30,000 shares of common stock are outstanding the entire year.

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