The adjusted trial balance of California Bulbs, Inc., follows. Requirement Prepare California Bulbs, Inc.s single step income

The adjusted trial balance of California Bulbs, Inc., follows.

Requirement
Prepare California Bulbs, Inc.’s single step income statement and statement of retained earnings for the year ended December 31, 2014, and its balance sheet on thatdate.

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A1 California Bulbs, Inc. Adjusted Trial Balance December 31, 2014 (Amounts in thousands) Account Debit Credit Cash Accounts recelvable Inventories Prepaid expenses Property plant, and equipment Accumulated depreciation, property, plant, and equipment Other assets Accounts payable 4,200 1,700 2,900 1,600 16,800 $2,800 9,500 .300 500 2,400 14,600 5,500 12 Income tax payable 13 Other liabilities Common stock Retained earnings (beginning, December 31, 2013) Sales revenue Cost of goods sold Selling, administrative, and general expenses 1 Dividends 1500 42,500 25,000 10,300 100 20 Income tax expense 22 Total $75,600$75,600