Calculate the Net Income for Green Thumb,Inc $\quad$ $\quad$

question 131

Essay

Calculate the net income for Green Thumb,Inc.Then,assuming the company had retained earnings of $162,000 as of January 1,2018,and paid out $46,000 in dividends during the year,prepare its statement of retained earnings.
$\quad$ $\quad$ $\quad$ $\quad$ GREEN THUMB, INC.
$\quad$ $\quad$ $\quad$ $\quad$ Income Statement
$\quad$ $\quad$ $\quad$ Fur the Year Ended December 31, 20118
$\begin{array}{|l|r|}\hline \text { Revenues } & \\\hline \text { Vales Revenue } & \$ 1,865,300 \\\hline \text { otal Revenues } & 1,865,300 \\\hline \text { Expenses } & \\\hline \text { Nages Expense } & 724,800 \\\hline \text { Advertising and Promotion Expenses } & 262,500 \\\hline \text { Other Selling and Administrative } & 350,800 \\\hline \begin{array}{l}\text { Inpenses }\end{array} & \\\hline \text { Interest Expense } & 43,900 \\\hline \text { Income Tax Expense } & 56,500 \\\hline \text { Other Expenses } & \underline{122,400} \\\hline \text { Total Expenses } & 1,560,900 \\\hline & \\\hline \text {Net Income } & \$?\\\hline\end{array}$

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