Dear sir/mam I need a step by step answer for this problem:Presented below is the trial balance of Thompson Corporation atDecember 31, 2010. THOMPSON CORPORATION Trial Balance Year EndedDecember 31, 2010 Debits Credits Purchase Discounts $10,000 Cash$189,700 Accounts Receivable 105,000 Rent Revenue 18,000 RetainedEarnings 160,000 Salaries Payable 18,000 Sales 1,100,000 NotesReceivable 110,000 Accounts Payable 49,000 AccumulatedDepreciation-Equip 28,000 Sales Discounts 14,500 Sales Returns17,500 Notes Payable 70,000 Selling Expenses 232,000 AdministrativeExpenses 99,000 Common Stock 300,000 Income Tax Expense 53,900 CashDividends 45,000 Allowance for Doubtful Accounts 5,000 Supplies14,000 Freight-in 20,000 Land 70,000 Equipment 140,000 BondsPayable 100,000 Gain on Sale of Land 30,000 AccumulatedDepreciation-Bldg 19,600 Merchandise Inventory 89,000 Building98,000 Purchases 610,000 Totals $1,907,600 $1,907,600 A physicalcount of inventory on December 31 resulted in an inventory amountof $64,000 thus, cost of goods sold for 2010 is $645,000Instructions: prepare a multiple-steps income statement and aclassified balance sheet 30,000 shares of common stock areoutstanding the entire year.



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