Problem 4-5 (Part Level Submission) The trial balance follows for Culver Corporation at December 31, 20 CULVER CORPORATION Trial Balance Year Ended December 31, 2017 Debit Credit Purchase discounts Cash Accounts receivable Rent revenue Retained earnings Salaries and wages payable Sales revenue Notes receivable Accounts payable Accumulated depreciation-equipment Sales discounts Sales returns and allowances Notes payable Selling expenses Administrative expenses Common shares Income tax expense Dividends Allowance for doubtful accounts Supplies $15,500 $294,035 162,750 27,900 248,000 27,900 1,705,000 170,500 75,950 43,400 22,475 27,125 108,500 359,600 153,450 465,000 83,545 69,750 7,750 21,700 21,700 31,000 108,500 217,000 Supplies Freight-in Land Equipment Bonds payable Gain on sale of land Accumulated depreciation-building Inventory Buildings Purchases Totals 155,000 46,500 30,380 137,950 151,900 945,500 $2,956,780 $2,956,780 A physical count of inventory on December 31 showed that there was $99,200 of inventory on hand. Culver is a private company that prepares financial statements in accordance with ASPE (al) Prepare a single-step income statement. CULVER CORPORATION Income Statement For the Year Ended December 31, 2017 Revenues 1705000 Sales Revenue Sales Discounts Sales Returns and Allowances 22475 27125