Holiday Hams, Inc.

Adjusted Trial Balance

December 31, 2016

(Amounts in thousands)

Account

Debit

Credit

Cash

$4,400

Accounts receivable

1,400

Inventories

2,200

Prepaid expenses

1,500

Property, plant, and equipment

16,600

Accumulated depreciation-property, plant, and equipment

$2,900

Other assets

9,800

Accounts payable

7,600

Income tax payable

700

Other liabilities

2,600

Common stock

14,500

Retained earnings (beginning, December 31, 2015)

5,800

Dividends

1,500

Sales revenue

41,300

Cost of goods sold

25,600

Selling, administrative, and general expenses

10,100

Income tax expense

2,300

Total

$75,400

$75,400

Prepare

Holiday HamsHoliday Hams ,

Inc.'s single-step income statement and statement of retained earnings for the year ended December 31,

20162016 ,

and its balance sheet on that date.

Let's start by completing the single step income statement. (If a box is not used in the income statement leave the box empty; do not select a label or enter a zero.)

Holiday Hams, Inc.

Income Statement

Year Ended December 31, 2016

Thousands

Revenues:

$

Expenses:

$