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Discuss a physical count of inventory on december

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Reference no: EM131767921

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

THOMPSON CORPORATION
TRIAL BALANCE
DECEMBER 31, 2014
Debits Credits
Purchase Discounts $12,200
Cash $191,900
Accounts Receivable 107,200
Rent Revenue 20,200
Retained Earnings 162,200
Salaries and Wages Payable 20,200
Sales Revenue 1,102,200
Notes Receivable 112,200
Accounts Payable 51,200
Accumulated Depreciation-Equipment 28,440
Sales Discounts 16,700
Sales Returns and Allowances 19,700
Notes Payable 72,200
Selling Expenses 234,200
Administrative Expenses 101,200
Common Stock 302,200
Income Tax Expense 56,100
Cash Dividends 47,200
Allowance for Doubtful Accounts 7,200
Supplies 16,200
Freight-in 22,200
Land 72,200
Equipment 142,200
Bonds Payable 112,320
Gain on Sale of Land 32,200
Accumulated Depreciation-Buildings 20,040
Inventory 91,200
Buildings 100,200
Purchases 612,200
Totals $1,942,800 $1,942,800

A physical count of inventory on December 31 resulted in an inventory amount of $66,200; thus, cost of goods sold for 2014 is $647,200.

Reference no: EM131767921

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