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(1) Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers
(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 515 67.0 21% 21% Tax Rate (1 boo
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