From the information given below prepare an Income Statement and a separate Statement of Retained Earning...

From the information given below prepare an Income Statement and a separate Statement of Retained Earning
The name of the compay is UAN
The amounts shown are the ending amounts (except for Retained Earnings) from the period from January 1, 2017 to December 31 2017
The beginning retained earnings amount is as of the beginning of the year January 1, 2017

Beginning Retained Earnings	$600,000
Cost of good sold	$7,500,000
Depreciation expense	$130,000
Dividents	$100,000
Income tax expense	$60,000
Interest expense mortgage	$17,000
Interest expense notes payable	$15,000
Intersest expense bonds	$5,600
Sales revenue	$10,000,000
Selling general admin expenses	$1,900,000

Expert Solution

UAN
Income Statement
For the Year ended December 31 2017

Sales Revenue		$ 1,00,00,000.00
Less: Cost of Goods Sold		$ 75,00,000.00
Gross Margin		$ 25,00,000.00
Operating Expenses
Selling general and administrative expenses	$ 19,00,000.00
Depreciation expenses	$ 1,30,000.00
Total Operating expenses		$ 20,30,000.00
Operating Profit		$ 4,70,000.00
Interest expense
Interest on mortgage	$ 17,000.00
Interest on notes payable	$ 15,000.00
Interest on bonds	$ 56,000.00	$ 88,000.00
Income before Taxes		$ 3,82,000.00
Income taxes expense		$ 60,000.00
Net income		$ 3,22,000.00

UAN
Statement of Retained Earnings
For the year ended December 31 2017
Retained Earnings at jan 1, 2017	$ 6,00,000.00
Net income for the year ended December 31 2017	$ 3,22,000.00
Dividends Paid to Shareholders	$ (1,00,000.00)
Retained Earnings at December 31 2016	$ 8,22,000.00

Alternate solution assuming General and administrative expenses include depreciation.

UAN
Income Statement
For the Year ended December 31 2017

Sales Revenue		$ 1,00,00,000.00
Less: Cost of Goods Sold		$ 75,00,000.00
Gross Margin		$ 25,00,000.00
Operating Expenses
Selling general and administrative expenses	$ 19,00,000.00

Total Operating expenses		$ 19,00,000.00
Operating Profit		$ 6,00,000.00
Interest expense
Interest on mortgage	$ 17,000.00
Interest on notes payable	$ 15,000.00
Interest on bonds	$ 56,000.00	$ 88,000.00
Income before Taxes		$ 5,12,000.00
Income taxes expense		$ 60,000.00
Net income		$ 4,52,000.00

UAN
Statement of Retained Earnings
For the year ended December 31 2017
Retained Earnings at Jan 1 , 2017	$ 6,00,000.00
Net income for the year ended December 31 2017	$ 4,52,000.00
Dividends Paid to Shareholders	$ (1,00,000.00)
Retained Earnings at December 31 2017	$ 9,52,000.00

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