Homework Answers
Income statement for the year ending December 31, 2017:
| Description | Amount |
| Revenues & other items: | |
| Service revenue | $73080 |
| Total revenues & other items | $73080 |
| Expenses & other items: | |
| Advertising expense | $2268 |
| Rent expense | $13104 |
| Utilities expense | $3024 |
| Salaries & wages expense | $37800 |
| Total expenses & other items | ($56196) |
| Net income | $16884 |
Retained earnings statement:
| Description | Amount |
| Beginning retained earnings | $84420 |
| Add: Net income | $16884 |
| Less: Dividends | ($7560) |
| Ending retained earnings | $93744 |
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