Excel

A 16 17 O DO onu NNH 00 O o B D E 5 THOMPSON CORPORATION 6 Trial Balance 7 December 31, 2017 8 Debit Credit 9 Purchase Discounts $ 10,000 10 Cash $ 189,700 11 Accounts Receivable 105,000 12 Rent Revenue 18,000 13 Retained Earnings 160,000 14 Salaries and Wages Payable 18.000 15 Sales Revenue 1,100,000 Notes Receivable 110,000 Accounts Payable 49.000 18 Accumulated Depreciation Equipment 28,000 19 Sales Discounts 14,500 20 Sales Returns and Allowances 17,500 21 Notes Payable 70.000 22 Selling Expenses 232,000 23 Administrative Expenses 99,000 24 Common Stock 300,000 25 Income Tax Expense 53,900 26 Cash Dividends 45,000 27 Allowance for Doubtful Accounts 5,000 28 Supplies 14,000 29 Freight-In 20,000 30 Land 70,000 31 Equipment 140,000 32 Bonds Payable 100,000 33 Gain on Sale of Land 30,000 34 Accumulated Depreciation - Buildings 19,600 35 Inventory 89,000 36 Buildings 98,000 37 Purchases 610,000 Totals $ 1.907.600 S 1.907.600 39 40 A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of 41 goods sold for 2017 is $645,000. 42 43 Instructions 44 Prepare a single-step income statement and a retained earnings statement. Assume that the only changes in 45 retained carnings during the current year were from net income and dividends. Thirty thousand shares of common stock were outstanding the entire year. 46 38 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 were outstanding the entire year. THOMPSON CORPORATION Income Statement For the Year Ended December 31, 2017 Revenues Expenses THOMPSON CORPORATION Retained Earnings Statement For the Year Ended December 31, 2017