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The adjusted trial balance of Homemade Hams, Inc., follows. Click the icon to view the adjusted trial balance.) Requirement 1. Prepare Homemade Hams, Inc.'s single-step income statement and statement of retained earnings for the year ended December 31, 2016, 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.) Homemade Hams, Inc. Income Statement Year Ended December 31, 2016 Thousands Revenues: Sales revenue $ 43,900 Expenses: Cost of goods sold Selling, administrative, and general expense 25600 10700 Total expenses Income before tax 36300 7600 2800 Income tax expense Net Income 4800 Prepare the Homemade Hams, Inc. statement of retained earnings for the year ended December 31, 2016 Homemade Hams, Inc. Statement of Retained Earnings Year Ended December 31, 2016 Thousands 5100 4800 Retained earnings, December 31, 2015 Add: Net income Subtotal Less: Dividends Retained earnings, December 31, 2016 9900 1700 Prepare the Homemade Hams, Inc. balance sheet at December 31, 2016. 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 zero.) Homemade Hams, Inc. Balance Sheet December 31, 2016 Assets Cash 4800 1300 Accounts receivable Inventories 2400 16900 (2800) Property, plant and equipment Less: Accumulated depreciation property, plant, and equipment Prepaid expenses Other assets 14100 1800 9600 Total assets 34000 Liabilities Accounts payable 7900 Income tax payable 900 Other liabilities 2700 Total abilities 11500 Stockholders' Equity Common stock Retained earnings 14300 8200 22500 Total stockholders' equity Total liabilities and stockholders' equity 34000 i Data Table Homemade Hams, Inc. Adjusted Trial Balance December 31, 2016 (Amounts in thousands) Account Debit Credit Cash 4,800 Accounts receivable 1,300 2,400 Inventories 1,800 16,900 $ 2,800 Prepaid expenses Property, plant, and equipment Accumulated depreciation-property, plant, and equipment Other assets Accounts payable Income tax payable 9,600 7,900 900 Other liabilities 2,700 14,300 5,100 Common stock Retained earnings (beginning, December 31, 2015) Dividends Sales revenue 1,700 43,900 Cost of goods sold Selling, administrative, and general expenses 25,600 10,700 2,800 77,600 $ Income tax expense $ 77,600 Total