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P4-2 (LO 3, 4, 6) Single-Step Statement, Retained Earnings Statement, Periodic Inventory Presented below is the trial balance of Thompson Corporation at December 31, 2017 THOMPSON CORPORATION Trial Balance December 31, 2017 Debit Credit $ 10,000 Purchase Discounts Cash Accounts Receivable Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable Accounts Payable Accumulated Depreciation Equipment Sales Discounts Sales Returns and Allowance Notes Payable Selling Expenses Administrative Expenses Common Stock Income Tax Expense Cash Dividends Allowance for Doubtful Accounts Supplies Freight-In Land Equipment Bonds Payable Gain on Sale of Land Accumulated Depreciation Buildings Inventory Buildings Purchases Totals $ 189,700 105,000 18,000 160,000 18,000 1,100,000 110,000 49,000 28,000 14,500 17,500 70,000 232,000 99,000 300,000 53,900 45,000 5,000 14,000 20,000 70,000 140,000 100,000 30,000 19,600 89,000 98,000 610,000 $ 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 2017 is $645,000

A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2017 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 were outstanding the entire year THOMPSON CORPORATION Income Statement For the Year Ended December 31, 2017 Revenues Expenses THOMPSON CORPORATION Retained Earnings Statement For the Year Ended December 31, 2017

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THOMPSON CORPORATION Income Statement For the year Ended December 31,2017 Net Sales Gain on sales of land Rent revenue Total Revenue 10,68,000 30,000 18,000 11,16,000 Expenses Cost of goods sold Selling Expenses Administrative Expenses Total Expenses Income before income taxes Income Tax Expense Net Income Earning per share (86,100/30,000 6,45,000 2,32,000 99,000 9,76,000 1,40,000 53,900 86,100 $2.87

THOMPSON CORPORATION Statement of Retained earning For the year Ended December 31,2017 Beginning Retained earning Add: Net Income Sub Total Less: Cash Dividend Ending Retained Earning 1,60,000 86,100 2,46,100 45,000 2,01,100

Computation of cost of goods sold: Inventory January 1 Purchases Less: Purchase dicount Net Purchases Add: Freight in Inventorv available for sale Less: Inventory, December 31 Costof goods sold 89,000 6,10,000 10,000 6,00,000 20,0006,20,000 7,09,000 64,000 6,45,000 Computation of Net sales Sales Revenue Less: Sales returns and allowance 11,00,000 17,500 14,500 Sales Discount 32,000 10,68,000 Net Sales

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