Solution-Prepare single-step income statement

Prepare single-step income statement - thompson corporation

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Reference no: EM13546371

Presented below is the trial balance of Thompson Corporation at December 31, 2012.

1772_Prepare a single-step income statement.PNG

A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2012 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 entireyear.

Reference no: EM13546371

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Prepare single-step income statement - thompson corporation

Reference no: EM13546371

Reference no: EM13546371

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