For the year ended retained earnings january 1 160000

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For the Year Ended December 31, 2012 Retained earnings, January 1, $160,000 Plus: Net income 86,100 246,100 Less: Cash dividends 45,000 Retained earnings, December 31, $201,100 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.
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987b4adf2e74f9aa851952442c0257ad6d48389e.xlsx, Problem 4-2, Page 11 of 16, 03/03/2016, 09:54:19 Name: Date: Instructor: Course: THOMPSON CORPORATION Trial Balance December 31, 2012 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 2012 is $645,000 Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P4-2 (Single-Step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Thompson Corporation at December 31, 2012.
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987b4adf2e74f9aa851952442c0257ad6d48389e.xlsx, Problem 4-2, Page 12 of 16, 03/03/2016, 09:54:19 Name: Date: Instructor: Course: Instructions: 30,000 shares of common stock are outstanding the entire year. THOMPSON CORPORATION Income Statement For the Year Ended December 31, 2012 Revenues Net sales Amount Title Amount Title Amount Total revenues Formula Expenses Title Amount Title Amount Title Amount Total expenses Formula Income before income taxes Formula Title Amount Title Formula Earnings per share Formula Computation of cost of goods sold: Merchandise inventory, Jan. 1 Amount Account Title Amount Account Title Amount Title Formula Account Title Amount Formula Title Amount Less merchandise inventory, Dec. 31 Amount Cost of goods sold Formula THOMPSON CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2012 Retained earnings January 1, Amount Plus net income Amount Formula Less cash dividends declared and paid Amount Retained earnings, December 31, Formula 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.
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987b4adf2e74f9aa851952442c0257ad6d48389e.xlsx, Problem 4-3 Solution, Page 13 of 16, 03/03/2016, 09:54:19 Name: Solution Date: Instructor: Course: $790,000 Additional transactions occurring in 2012 but not considered in the $790,000 are as follows. $90,000 during the year. The tax rate on this item is 46% $54,000 (salvage value of $9,000 ) that had a useful life of 6 years. The bookkeeper used $57,000 (pretax). $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable).
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