Homemade Hams Inc Adjusted Trial Balance December 31 2016 Am

Homemade Hams, Inc.

Adjusted Trial Balance

December 31, 2016

(Amounts in thousands)

Account

Debit

Credit

Cash

$3,900

Accounts receivable

1,400

Inventories

2,300

Prepaid expenses

1,900

Property, plant, and equipment

16,900

Accumulated depreciation-property, plant, and equipment

$2,800

Other assets

9,600

Accounts payable

7,600

Income tax payable

500

Other liabilities

2,600

Common stock

14,500

Retained earnings (beginning, December 31, 2015)

5,900

Dividends

1,600

Sales revenue

42,000

Cost of goods sold

25,500

Selling, administrative, and general expenses

10,300

Income tax expense

2,500

Total

$75,900

$75,900

Homemade Hams, Inc. Adjusted Trial Balance December 31, 2016 (Amounts in thousands) Account Debit Credit Cash $3,900 Accounts receivable 1,400 Inventories 2,300 Prepaid expenses 1,900 Property, plant, and equipment 16,900 Accumulated depreciation-property, plant, and equipment $2,800 Other assets 9,600 Accounts payable 7,600 Income tax payable 500 Other liabilities 2,600 Common stock 14,500 Retained earnings (beginning, December 31, 2015) 5,900 Dividends 1,600 Sales revenue 42,000 Cost of goods sold 25,500 Selling, administrative, and general expenses 10,300 Income tax expense 2,500 Total $75,900 $75,900

. Prepare Homemade Hams, Inc.\'s single-step income statement and statement of retained earnings for the year ended December 31, 2016, and its balance sheet on that date Assets Cash Accounts receivable Inventories Prepaid expenses Property, plant and equipment Less: Accumulated depreciation-property, plant, and equipment Other assets Total assets Choose from any list or enter any number in the input fields and then click Check Answer

Solution

INCOME STATEMENT PARTICULARS AMOUNT Sales Revenue $                    42,000 Less : Cost of Goods Sold $                    25,500 Gross Revenue $                    16,500 Less : Selling, Adminstrative and General Exp. $                    10,300 Net Income $                      6,200 Income Tax $                      2,500 Net Income After Tax $                      3,700 STATEMENT OF RETAINED EARNINGS Beginning Balance = $                      5,900 Add: Profit of the year = $                      3,700 Less: Dividends $                      1,600 Closing balance of the retained earning $                      8,000 BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT FIXED ASSETS CURRENT LIABILITIES Property plant and Equipment       = $ 16,900 14100 Account Payable $                          7,600 Less: Accumulation of Deprec       = - $ 2800 Income tax Payable $                             500 Other Assets 9600 Other Liabilities $                          2,600 TOTAL FIXED ASSETS (A) 23700 TOTAL CURRENT LIABILITIES $                       10,700 CURRENT ASSETS Account Receivable $                      1,400 Cash $                      3,900 OWNER\'S EQUITY Inventories $                      2,300 Common Stock 14500 Prepaid Expenses $                      1,900 Retained Earning $                          8,000 TOTAL CURRENT ASSETS(B) $                      9,500 TOTAL OWNER\'S EQUITY (B) $                       22,500 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) TOTAL ASSETS (A + B) $                    33,200 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) $                       33,200