Prepare a single-step income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. Thirty thousand shares of common stock were outstanding the entire year.

A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2020 is $645,000.

Credit $10,000 $189,700 105,000 18,000 160,000 18,000 1,100,000 110,000 49,000 28,000 Single-Step Statement, Retained Earnings Statement, Periodic Inventory The following is the trial balance of Thompson Corporation at December 31, 2020. THOMPSON CORPORATION Trial Balance 31-Dec-20 Debit Purchase Discounts Cash Accounts Receivable Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable Accounts Payable Accumulated Depreciation Equipment Sales Discounts Sales Returns and Allowances Notes Payable Selling Expenses Administrative Expenses Common Stock Income Tax Expense Cash Dividends Allowance for Doubtful Accounts Supplies Freight-In Land Equipment Bonds Payable Gain on Sale of Land Accumulated Depreciation - Buildings Inventory Buildings Purchases Totals 14,500 17,500 70,000 232,000 99,000 300,000 53.900 45,000 5,000 14,000 20,000 70,000 140,000 100,000 30,000 19,600 89,000 98,000 610,000 $1,907,600 $1,907,600 A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2020 is $645,000. Credit $10,000 $189,700 105,000 18,000 160,000 18,000 1,100,000 110,000 49,000 28,000 14,500 17,500 THOMPSON CORPORATION Trial Balance 31-Dec-20 Debit Purchase Discounts Cash Accounts Receivable Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable Accounts Payable Accumulated Depreciation-Equipment Sales Discounts Sales Returns and Allowances Notes Payable Selling Expenses Administrative Expenses Common Stock Income Tax Expense Cash Dividends Allowance for Doubtful Accounts Supplies Freight-In Land Equipment Bonds Payable Gain on Sale of Land Accumulated Depreciation - Buildings Inventory Buildings Purchases Totals 70,000 232,000 99,000 300,000 53,900 45,000 5,000 14,000 20,000 70,000 140,000 100,000 30,000 19,600 89,000 98,000 610,000 $1,907,600 $1,907,600