Question

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The adjusted trial balance of Holiday Hams, Inc., follows. E: (Click the icon to view the adjusted trial balance.) Requirement 1. Prepare Holiday Hams, Inc.'s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date. Let's start by completing the single step income statement. (If a box is not used in the income statement leave the box empty; do not select a label or enter a zero.) Holiday Hams, Inc. Income Statement Year Ended December 31, 2018 Thousands [ 42300 25200 0100 Cost of goods sold Income before tax Income tax expense Interest and other expenses Net income Prepaid expenses Sales revenue Selling, administrative, and general expense Total expenses 2300

Answer 1

Holidays Hams Inc. Income Statement Year Ended December 31, 2018
Revenues
Sales revenue		$42,300
Expenses
Cost of goods sold	$25,200
Selling, administrative and general expense	10,100
Total expenses		(35,300)
Income before tax		7,000
Income tax expense		(2,300)
Net income		$4,700