. Then record the ter. Sh ly in the accounts, keying each adjustment a sed balan
ID: 2581814 • Letter: #
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. Then record the ter. Sh ly in the accounts, keying each adjustment a sed balance. Jounal entries are not required. y le 24A (Learning elicious Hams, Inc., follows. ea Objective 4: Preparing the financial statements) The adjused Delicious Hams, Inc. Adjusted Trial Balance December 31,20X6 Amounts in thousands) Adjusted Trial Balance Account Debit Credt $ 3,800 1,500 1,100 1,700 6,500 Cash.. Accounts receivable.. Inventories Prepaid expenses Property, plant and equipment. Accumulated depreciation.. Othet assetsn Accounts payable Income tax payable Other liabilities - 5 2,300 9,300 7,600 600 2,200 4,700 4,700 Retaned carnings (beginning, December 31,20x5). Dividends Sales revenue Cost of goods sold...minmn Selling, administrative, and general expenses. Incone tax expense. 1,500 41,400 25,100 imc10,700 2,300 Total w563,500 $63,500 I Requirement n 1. Prepare Delicious Hams, Ing,'s income stntem dstamt of changes inExplanation / Answer
DELICIOUS HAMS INC Income Statement for the year ending December 31, 20X6 Sales revenue $41,400 Cost of goods sold $25,100 Gross profit $16,300 Selling , administration and general expenses $10,700 Profit before tax $5,600 Income tax expense $2,300 Profit after tax $3,300 DELICIOUS HAMS INC Balance sheet as at December 31, 20X6 ASSETS Cash $3,800 Accounts receivable $1,500 Inventories $1,100 Prepaid expenses $1,700 Other assets $9,300 Property, Plant and Equipment $6,500 Accumulated depreciation ($2,300) TOTAL ASSETS $21,600 LIABILITIES: Accounts payable $7,600 Income tax payable $600 Other liabilities $2,200 TOTAL LIABILITIES $10,400 OWNERS' EQUITIES Share capital $4,700 Retained earnings(4700-1500+3300) $ 6,500 (Beginning retained earning)-(Dividevd)+(Profit after tax) Total owners' Equity $ 11,200 TOTAL LIABILITIES AND OWNERS' EQUITY $21,600
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