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. Thirty thousand shares of common stock are outstanding the entire year.

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more