Presented below is the trial balance of Thompson Ltd. at December 31, 2019. A physical count of

Question:

Presented below is the trial balance of Thompson Ltd. at December 31, 2019.

image text in transcribed
A physical count of inventory on December 31 resulted in an inventory amount of £64,000; thus, cost of goods sold for 2019 is £645,000.
Instructions
Prepare an 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 ordinary shares were outstanding the entire year.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Question Posted: