Prepare Honeybee Hams, Inc.’s, income statement and statement of retained earnings for the year…

(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

(Thousands)

Debit

Credit

Cash

$ 3,300

Accounts receivable

1,800

Inventories

1,100

Prepaid expenses

1,900

Property, plant, equipment

6,600

Accumulated depreciation

$ 2,400

Other assets

9,900

Accounts payable

7,700

Income tax payable

600

Other liabilities

2,200

Common stock

4,900

Retained earnings (beginning, December 31, 20X5)

4,500

Dividends

1,700

Sales revenue

41,000

Cost of goods sold

25,000

Selling, administrative, and general expense

10,000

Income tax expense

2,000

Total

$63,300

$63,300

Required

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.

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