Question

The adjusted trial balance of Holiday Hams, Inc., follows 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 Revenues Expenses Choose from a list or enter any number in the innuit finis

Answer 1

Holiday Hams. Inc.

Income Statement

Year ended Dec. 31, 2018

(Amounts in Thousands)

Particulars	Amount ($)	Amount($)
Revenues:
Sales Revenue		42400
Expenses:
Selling, adminstravtive, and general expens	10000
Cost of goods sold	25000
total expenses		(35000)
Income before tax		7400
income tax expense		(2500)
Net Income		4900

Holiday Hams, Inc.

Statement of Retained Earnings

Year Ended December 31, 2018

(Amounts in Thousands)

Particulars	Amount($)
Retained earnings, December 31, 2017	5500
Add: Net Income	4900
	10400
Less: Dividends	(1500)
Retained earnings, December 31, 2018	8900

Holiday Hams, Inc.

Balance Sheet

December 31, 2018

(Amounts in Thousands)

Assets	Amounts($)	Amount($)
Cash		4500
Accounts receivable		1400
Inventories		2400
Property, Plant and Equipment	16400
Less: Accumulated Depreciation-Property, Plant, and equipment	2200	14200
Prepaid expenses		1400
Other asssets		9500
Total assets		33400
Liabilities	Amounts($)	Amounts($)
Other Liabilities		2600
Accounts Payable		7300
Income Tax payable		400
Total Liabilities		10300
Stockholders' Equity	Amounts($)	Amounts(4)
Common Stock		14200
Retained Earnings		8900
Total stockholders' equity		23100
Total liabilities and Stockholders' equity		33400