The adjusted trial balance of Honeybell, Inc., follows.

Requirement
Prepare Honeybell, 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.

Transcribed Image Text:

Honeybell, Inc Adjusted Trial Balance December 31, 2016 Amounts in thousands) Account Cash Accounts receivable Inventories Prepaid expenses Property,plant, and equipment Accumulated depreciation-property, plant,and equipment Other assets Accounts payable Income tax payable Other liabilities Common stock Retained earnings (beginning, December 31, 2015) Dividends Sales revenue Cost of goods so Selling, administrative, and general expenses ncome tax expense Debit Credit 3,900 1400 2,200 1800 16,700 $ 2,800 7400 9,500 400 2,500 14,600 5,900 1300 25,500 10,500 41,200 ld 2,000 $74,800 $74,800 Total