Prepare a multiple-step income statement in good form. (Include EPS)

Calculate retained earnings as of December 31, 2018.

Prepare a classified balance sheet in good form.

Calculate working capital.

Thornhill Companies
Trial Balance
As of December 31, 2018
Cash		$ 9,000		$ -
Accounts Receivable		150,000
Inventory		100,000
Prepaid Rent Expense		18,000
Land		100,000
Plant		500,000
Equipment		1,000,000
Franchises		200,000
Dividends		25,000
Cost of Goods Sold		1,200,000
Selling Expenses		200,000
Administrative Expenses		250,000
Interest Expense		30,000
Income Taxes Expense		20,000
Accumulated Depreciation				250,000
Accounts Payable				98,000
Income Taxes Payable				5,000
Unearned Sales Revenues				74,000
Bonds Payable				600,000
Common Stock (100,000 shares)				750,000
Retained Earnings (January 1, 2018)				225,000
Sales				1,800,000
Total	0	$ 3,802,000		$ 3,802,000

Answer rating: 100% (QA)

Part A Thornhill Companies Income statement For the Year Ended December 31 2018 Sales 1800000 Less c... View the full answer