P4-2 (LO 3, 4, 6) Single-Step Statement, Retained Earnings Statement, Periodic Inventory
						Presented below is the trial balance of Thompson Corporation at December 31, 2017.
		THOMPSON CORPORATION
		Trial Balance
		December 31, 2017
			Debit	Credit
		Purchase Discounts		$10,000
		Cash	$189,700
		Accounts Receivable	105,000
		Rent Revenue		18,000
		Retained Earnings		160,000
		Salaries and Wages Payable		18,000
		Sales Revenue		1,100,000
		Notes Receivable	110,000
		Accounts Payable		49,000
		Accumulated DepreciationEquipment		28,000
		Sales Discounts	14,500
		Sales Returns and Allowances	17,500
		Notes Payable		70,000
		Selling Expenses	232,000
		Administrative Expenses	99,000
		Common Stock		300,000
		Income Tax Expense	53,900
		Cash Dividends	45,000
		Allowance for Doubtful Accounts		5,000
		Supplies	14,000
		Freight-In	20,000
		Land	70,000
		Equipment	140,000
		Bonds Payable		100,000
		Gain on Sale of Land		30,000
		Accumulated Depreciation - Buildings		19,600
		Inventory	89,000
		Buildings	98,000
		Purchases	610,000
		Totals	$1,907,600	$1,907,600
A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2017 is $645,000.
Instructions
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