The adjusted trial balance of Delicious Hams, Inc., follows. Requirement 1. Prepare Delicious Hams, Inc.s income statement

The adjusted trial balance of Delicious Hams, Inc., follows.

Requirement
1. Prepare Delicious Hams, Inc.’s income statement and statement of retained earnings for the year ended December 31, 2010, and its balance sheet on thatdate.

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Delicious Hams, Inc. Adjusted Trial Balance December 31, 2010 (Amounts in thousands) Adjusted Trial Balance Account Debit Credit $ 3,800 1,500 1,100 1,700 6,500 Accounts receivable Inventories Prepaid expenses Property, plant and equipment Accumulated depreciation Other a Accounts payable Income tax payable Other liabilities Common stock Retained earnings (beginning, December 31, 2009) Dividends Sales revenue Cost of goods s Selling, administrative, and general expenses10,700 Income tax expense 9,300 7,600 600 2,200 4,700 4,700 1,500 25,100 2,300 41,400 Total S63,500 $63,500