Hi sir/Mam I have subscribed to your website to found answer forthis question(Presented below is the trial balance of ThompsonCorporation at December 31, 2010. THOMPSON CORPORATION TrialBalance Year Ended December 31, 2010 Debits Credits PurchaseDiscounts $10,000 Cash $189,700 Accounts Receivable 105,000 RentRevenue 18,000 Retained Earnings 160,000 Salaries Payable 18,000Sales 1,100,000 Notes Receivable 110,000 Accounts Payable 49,000Accumulated Depreciation-Equip 28,000 Sales Discounts 14,500 SalesReturns 17,500 Notes Payable 70,000 Selling Expenses 232,000Administrative Expenses 99,000 Common Stock 300,000 Income TaxExpense 53,900 Cash Dividends 45,000 Allowance for DoubtfulAccounts 5,000 Supplies 14,000 Freight-in 20,000 Land 70,000Equipment 140,000 Bonds Payable 100,000 Gain on Sale of Land 30,000Accumulated Depreciation-Bldg 19,600 Merchandise Inventory 89,000Building 98,000 Purchases 610,000 Totals $1,907,600 $1,907,600 Aphysical count of inventory on December 31 resulted in an inventoryamount of $64,000 thus, cost of goods sold for 2010 is $645,000Instructions: Prepare a single-step income statement and a retainedearnings statement. Assume that the only changes in retainedearnings during the current year were from net income anddividends. 30,000 shares of common stock are outstanding the entireyear.))) and the answer that is already given is very short and nothelpful please respond as soon as possible
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