Presented below is the trial balance of Thompson Corporation at December 31, 2014

Presented below is the trial balance of Thompson Corporation at December 31, 2014P4-2 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.

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