Presented below is the trial balance of thompson corporation at

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. Thirty thousand shares of common stock are outstanding the entire year.

Punctual Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.