(Learning Objective 4: preparing the financial statements) The adjusted trial balance of Honeybee Hams, Inc., follows.
Honeybee Hams, Inc. Adjusted Trial Balance December 31, 20X6
Adjusted Trial Balance
Property, plant, equipment
Income tax payable
Retained earnings (beginning, December 31, 20X5)
Cost of goods sold
Selling, administrative, and general expense
Income tax expense
Prepare Honeybee Hams, Inc.’s, income statement and statement of retained earnings for the year ended December 31, 20X6, and its balance sheet on that date. Draw the arrows linking the three statements.