Question

This information relates to Sunland Company for the year 2017. Retained earnings, January 1, 2017 $83,080 Advertising expense 2,232 Dividends 7,440 Rent expense 12,896 Service revenue 71,920 Utilities expense 2,976 Salaries and wages expense 37,200 After analyzing the data, prepare an income statement for the year ending December 31, 2017.

Answer 1

Net Income : $16.616

Retained Earnings: $92.256

Please see details below:

Step-by-step explanation:

Income Statement 2017

Sales $71.920

Advertising Expenses -$2.232

Miscellaneous Expenses -$50.096

Utilities Expenses -$2.976

Net Income $16.616

Retained Earnings Report

Opening retained earnings $ 83.080

Add: Net Income $ 16.616

Subtotal $ 99.696

Less: Dividens -$ 7.440

Total $ 92.256