P4-2 (Single-Step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Thompson Corporation at December 31, 2014.
THOMPSON CORPORATION
Trial Balance
December 31, 2014
|
Debits |
Credits |
|
|
Purchase Discounts |
|
$10,000 |
|
Cash |
$189,700 |
|
|
Accounts Receivable |
105,000 |
|
|
Rent Revenue |
|
18,000 |
|
Retained Earnings |
|
160,000 |
|
Salaries and Wages Payable |
|
18,000 |
|
Sales |
|
1,100,000 |
|
Notes Receivable |
110,000 |
|
|
Accounts Payable |
|
49,000 |
|
Accumulated Depreciation-Equipment |
|
28,000 |
|
Sales Discounts |
14,500 |
|
|
Sales Returns |
17,500 |
|
|
Notes Payable |
|
70,000 |
|
Selling Expenses |
232,000 |
|
|
Administrative Expenses |
99,000 |
|
|
Common Stock |
|
300,000 |
|
Income Tax Expense |
53,900 |
|
|
Cash Dividends |
45,000 |
|
|
Allowance for Doubtful Accounts |
|
5,000 |
|
Supplies |
14,000 |
|
|
Freight-in |
20,000 |
|
|
Land |
70,000 |
|
|
Equipment |
140,000 |
|
|
Bonds Payable |
|
100,000 |
|
Gain on Sale of Land |
|
30,000 |
|
Accumulated Depreciation-Building |
|
19,600 |
|
Inventory |
89,000 |
|
|
Building |
98,000 |
|
|
Purchases |
610,000 |
|
|
Totals |
$1,907,600 |
$1,907,600 |
A physical count of inventory on December 31 resulted in an inventory amount of $64,000 thus, cost of goods sold for 2014 is $645,000
Instructions
Prepare a single-step income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. 30,000 shares of common stock are outstanding the entire year.
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