Multi-Step Statement, Retained Earnings Statement, Periodic Inventory Presented below is the trial balance of Thompson Corporation at December...

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Multi-Step Statement, Retained Earnings Statement, PeriodicInventory
Presented below isthe trial balance of Thompson Corporation at December 31,2017.
THOMPSON CORPORATION
Trial Balance
December 31, 2017
Debit Credit
Purchase Discounts $15,000
Cash $194,700
Accounts Receivable 110,000
Rent Revenue 28,000
Retained Earnings 165,000
Salaries and Wages Payable 23,000
Sales Revenue 1,105,000
Notes Receivable 115,000
Accounts Payable 54,000
Accumulated Depreciation—Equipment 33,000
Sales Discounts 19,500
Sales Returns and Allowances 22,500
Notes Payable 85,000
Selling Expenses 237,000
Administrative Expenses 104,000
Common Stock 310,000
Income Tax Expense 58,900
Cash Dividends 50,000
Allowance for Doubtful Accounts 10,000
Supplies 19,000
Freight-In 25,000
Land 75,000
Equipment 145,000
Bonds Payable 100,000
Gain on Sale of Land 35,000
Accumulated Depreciation - Buildings 24,600
Inventory 94,000
Buildings 103,000
Purchases 615,000
Totals $1,987,600 $1,987,600
Aphysical count of inventory on December 31 resulted in an inventoryamount of $55,000; Calculate COGS for your statement using theformula to calculate COGS.
Instructions
Prepare a multi-step income statement and aretained earnings statement. Assume that the only changes inretained earnings during the current year were from net income anddividends. Thirty thousand shares of common stock were outstandingthe entire year.

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THOMPSON CORPORATION Multi step Income Statement For the year ended December 31 2017 Revenues Sales 1105000 Less Sales returns and allowances 22500 Less Sales discounts 19500 Net sales 1063000 Less Cost of goods See Answer

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Multi-Step Statement, Retained Earnings Statement, PeriodicInventoryPresented below isthe trial balance of Thompson Corporation at December 31,2017.THOMPSON CORPORATIONTrial BalanceDecember 31, 2017DebitCreditPurchase Discounts$15,000Cash$194,700Accounts Receivable110,000Rent Revenue28,000Retained Earnings165,000Salaries and Wages Payable23,000Sales Revenue1,105,000Notes Receivable115,000Accounts Payable54,000Accumulated Depreciation—Equipment33,000Sales Discounts19,500Sales Returns and Allowances22,500Notes Payable85,000Selling Expenses237,000Administrative Expenses104,000Common Stock310,000Income Tax Expense58,900Cash Dividends50,000Allowance for Doubtful Accounts10,000Supplies19,000Freight-In25,000Land75,000Equipment145,000Bonds Payable100,000Gain on Sale of Land35,000Accumulated Depreciation - Buildings24,600Inventory94,000Buildings103,000Purchases615,000Totals$1,987,600$1,987,600Aphysical count of inventory on December 31 resulted in an inventoryamount of $55,000; Calculate COGS for your statement using theformula to calculate COGS.InstructionsPrepare a multi-step income statement and aretained earnings statement. Assume that the only changes inretained earnings during the current year were from net income anddividends. Thirty thousand shares of common stock were outstandingthe entire year.

Multi-Step Statement, Retained Earnings Statement, PeriodicInventory
				Presented below isthe trial balance of Thompson Corporation at December 31,2017.

	THOMPSON CORPORATION
	Trial Balance
	December 31, 2017
		Debit	Credit
	Purchase Discounts		$15,000
	Cash	$194,700
	Accounts Receivable	110,000
	Rent Revenue		28,000
	Retained Earnings		165,000
	Salaries and Wages Payable		23,000
	Sales Revenue		1,105,000
	Notes Receivable	115,000
	Accounts Payable		54,000
	Accumulated Depreciation—Equipment		33,000
	Sales Discounts	19,500
	Sales Returns and Allowances	22,500
	Notes Payable		85,000
	Selling Expenses	237,000
	Administrative Expenses	104,000
	Common Stock		310,000
	Income Tax Expense	58,900
	Cash Dividends	50,000
	Allowance for Doubtful Accounts		10,000
	Supplies	19,000
	Freight-In	25,000
	Land	75,000
	Equipment	145,000
	Bonds Payable		100,000
	Gain on Sale of Land		35,000
	Accumulated Depreciation - Buildings		24,600
	Inventory	94,000
	Buildings	103,000
	Purchases	615,000
	Totals	$1,987,600	$1,987,600

Aphysical count of inventory on December 31 resulted in an inventoryamount of $55,000; Calculate COGS for your statement using theformula to calculate COGS.

Instructions
Prepare a multi-step income statement and aretained earnings statement. Assume that the only changes inretained earnings during the current year were from net income anddividends. Thirty thousand shares of common stock were outstandingthe entire year.