Presented below is the trial balance of Thompson Corporation at December 31, 2014.
THOMPSON CORPORATION
TRIAL BALANCE
DECEMBER 31, 2014 |
| Debits |
Credits |
| Purchase Discounts |
$12,200 |
| Cash |
$191,900 |
| Accounts Receivable |
107,200 |
| Rent Revenue |
20,200 |
| Retained Earnings |
162,200 |
| Salaries and Wages Payable |
20,200 |
| Sales Revenue |
1,102,200 |
| Notes Receivable |
112,200 |
| Accounts Payable |
51,200 |
| Accumulated Depreciation-Equipment |
28,440 |
| Sales Discounts |
16,700 |
| Sales Returns and Allowances |
19,700 |
| Notes Payable |
72,200 |
| Selling Expenses |
234,200 |
| Administrative Expenses |
101,200 |
| Common Stock |
302,200 |
| Income Tax Expense |
56,100 |
| Cash Dividends |
47,200 |
| Allowance for Doubtful Accounts |
7,200 |
| Supplies |
16,200 |
| Freight-in |
22,200 |
| Land |
72,200 |
| Equipment |
142,200 |
| Bonds Payable |
112,320 |
| Gain on Sale of Land |
32,200 |
| Accumulated Depreciation-Buildings |
20,040 |
| Inventory |
91,200 |
| Buildings |
100,200 |
| Purchases |
612,200 |
| Totals |
$1,942,800 |
$1,942,800 |
A physical count of inventory on December 31 resulted in an inventory amount of $66,200; thus, cost of goods sold for 2014 is $647,200.