Homemade Hams, Inc. Adjusted Trial Balance December 31, 2016 (Amounts in thousan
ID: 2609077 • Letter: H
Question
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 AnswerExplanation / Answer
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
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