Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with third part The adjusted trial balance of Honeybee Hams, Inc., follows. 0 Data Table - X (Click the icon to view the

image text in transcribedNeed help with third part

The adjusted trial balance of Honeybee Hams, Inc., follows. 0 Data Table - X (Click the icon to view the adjusted trial balance.) Requirement 1. Prepare Honeybee Harris, Inc.'s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date. Honeybee Hame, Inc. 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.) Adjusted Trial Balance December 31, 2018 Honeybee Hame, Inc. Income Statement (Amounts in thousands) Account Debit Credit Year Ended December 31, 2018 Cash S 3,800 Thousands Accounts receivable 1,500 Revenues Inventories 2,400 Sales revenue 42,100 Prepaid expenses 1,700 Expenses Property, plant, and equipment 16,300 Cost of goods sold S 25.300 S Accumulated depreciation property, plant, and equipment 10.400 2.500 Selling, administrative, and general expense Other assets 9,400 Total expenses 35,700 Accounts payable 7.400 Income before tax 6.400 Income tax payable 500 Income tax expense 2.500 Other liabilities 2,400 s 3.900 Net income Common stock 14,600 Retained earnings (beginning, December 31, 2017) 5,600 Prepare the Honeybee Hams, Inc. statement of retained earnings for the year ended December 31, 2018. (Include a subtotal after the "Add" line of the statement.) Dividends 1,800 Honeybee Hame, Inc. Sales revenue 42,100 Statement of Retained Earnings Cost of goods sold 25,300 Year Ended December 31, 2018 Selling, administrative, and general expenses 10,400 Thousands Income tax expense 2,500 Retained earnings, December 31, 2017 S 5.600 Total 75,100 S 75,100 3.900 Add: Net income 9,500 Print Done Less Dividends (1.800) s 7.700 Retained earnings, December 31, 2018 Prepare the Honeybee Hams, Inc. balance sheet at December 31, 2018. First, complete the assets section of the statement. Then complete the liabilities and stockholders' equity section of the statement. (Do not classify the balance sheet into current and long-term sections. If a box is not used in the balance sheet leave the box empty, do not select a label or enter a zera.) Honeybee Hams, Inc. Balance Sheet December 31, 2018 Assets Thousands Subtotal Cash 3.800 1,500 Accounts receivable Inventories Property, plant and equipment 2.400 16,300 2.500 13.30 Less: Accumulated depreciation property, plant, and equipment Prepaid expenses 1700 9400 Other assets Total assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions