Question

This information relates to Sheffield Corp. For the year 2017. Retained earnings, January 1, 2017 $88,440 Advertising expense 2,376 Dividends 7,920 Rent expense 13,728 Service revenue 76,560 Utilities expense 3,168 Salaries and wages expense 39,600

Answer 1

Net Income $ 17688

Retained earnings, December 31, 2017 $ 98,208

Step-by-step explanation:

Sheffield Corp.

Income Statement

For the year 2017

Service revenue 76,560

Advertising expense 2,376

Rent expense 13,728

Utilities expense 3,168

Salaries and wages expense 39,600

Total Expenses 58,872

Net Income $ 17688

To make an income statement the total expenses are deducted from total revenues.

Sheffield Corp.

For the year 2017

Statement Of Retained earnings

Retained earnings, January 1, 2017 $88,440

Add Net Income 17688

Less Dividends 7,920

Retained earnings, December 31, 2017 $ 98,208