The following is the trial balance of Thompson Corporation at December 31, 2020. THOMPSON CORPORATION TRIAL BALANCE DECE
Posted: Wed Jul 06, 2022 6:23 am
The following is the trial balanceof Thompson Corporation at December 31, 2020.
THOMPSON CORPORATIONTRIAL BALANCEDECEMBER 31, 2020
Debits
Credits
$10,000
$189,700
105,000
18,000
160,000
18,000
1,100,000
110,000
49,000
28,000
14,500
17,500
70,000
232,000
99,000
300,000
53,900
45,000
5,000
14,000
20,000
70,000
140,000
100,000
30,000
19,600
89,000
98,000
610,000
$1,907,600
$1,907,600
A physical count of inventory on December 31 resulted in aninventory amount of $64,000; thus, cost of goods sold for 2020 is$645,000.
(a1)
Partially correct answer icon
Your answer is partially correct.
Prepare a single-step income statement. 30,000 sharesof common stock were outstanding the entireyear. (Round earnings per share to 2 decimalplaces, e.g. 1.48.)
THOMPSON CORPORATIONIncome Statement December31, 2020For the Year Ended December 31, 2020For the Quarter EndedDecember 31, 2020
DividendsEarnings Per ShareIncome Before Income TaxNet Income/ (Loss)Net SalesRetained Earnings, January 1Retained Earnings,December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31Total ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
eTextbook and Media
List of Accounts
(a2)
The parts of this question must be completed in order. This partwill be available when you complete the part above.
THOMPSON CORPORATIONTRIAL BALANCEDECEMBER 31, 2020
Debits
Credits
$10,000
$189,700
105,000
18,000
160,000
18,000
1,100,000
110,000
49,000
28,000
14,500
17,500
70,000
232,000
99,000
300,000
53,900
45,000
5,000
14,000
20,000
70,000
140,000
100,000
30,000
19,600
89,000
98,000
610,000
$1,907,600
$1,907,600
A physical count of inventory on December 31 resulted in aninventory amount of $64,000; thus, cost of goods sold for 2020 is$645,000.
(a1)
Partially correct answer icon
Your answer is partially correct.
Prepare a single-step income statement. 30,000 sharesof common stock were outstanding the entireyear. (Round earnings per share to 2 decimalplaces, e.g. 1.48.)
THOMPSON CORPORATIONIncome Statement December31, 2020For the Year Ended December 31, 2020For the Quarter EndedDecember 31, 2020
DividendsEarnings Per ShareIncome Before Income TaxNet Income/ (Loss)Net SalesRetained Earnings, January 1Retained Earnings,December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31Total ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
DividendsEarnings Per ShareExpensesIncome Before IncomeTaxNet Income / (Loss)Net SalesRetained Earnings, January 1RetainedEarnings, December 31RevenuesTotal ExpensesTotal Revenues
$
eTextbook and Media
List of Accounts
(a2)
The parts of this question must be completed in order. This partwill be available when you complete the part above.