Reference no: EM132453863
Problem - The adjusted trial balance of Holiday Hams, Inc., follows:
Cash $3,900
Accounts receivable 1,800
Inventories 2,400
Prepaid expenses 1,200
Property, plant, and equipment 16,400
Accumulated depreciation-property, plant, and equipment $2,800
Other assets 9,900
Accounts payable 7,200
Income tax payable 900
Other liabilities 2,400
Common stock 14,200
Retained earnings (beginning, December 31, 2017) 5,600
Dividends 1,700
Sales revenue 42,000
Cost of goods sold 25,700
Selling, administrative, and general expenses 10,000
Income tax expense 2,100
Total: $75,100
Required -
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.
2. Prepare Holiday Hams, Inc.'s statement of retained earnings for the year ending June 31, 2018.
3. Prepare Holiday Hams, Inc.'s balance sheet at December 31, 2018. First complete the assets section of the statement then complete the liabilities and stockholder's equity section of the statement.
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