(1) Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using...
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Question:
(1) Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information.
The balance sheet numbers are at the end of year figures.
| Item | 2018 | 2019 |
| Accounts Payable | 120.0 | 150.0 |
| Accounts Receivable | 150.0 | 180.0 |
| Accumulated Depreciation | 330.0 | 360.0 |
| Cash & Cash Equivalents | 10.0 | 12.0 |
| Common Stock | 150.0 | 200.0 |
| Cost of Goods Sold | 750.0 | 850.0 |
| Depreciation | 25.0 | 30.0 |
| Interest Expense | 30.0 | 33.0 |
| Inventory | 200.0 | 180.0 |
| Long-term Debt | 150.0 | 150.0 |
| Gross Plant & Equipment | 650.0 | 780.0 |
| Retained Earnings | 208.5 | 225.0 |
| Sales | 1,500.0 | 1,700.0 |
| SG&A Expenses | 500.0 | 570.0 |
| Notes Payable | 51.5 | 67.0 |
| Tax Rate | 21% | 21% |
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