Calculate the Net Income for Green Thumb,Inc

question 8

Essay

Calculate the net income for Green Thumb,Inc.Then,assuming the company had retained earnings of $162,000 as of January 1,2011,and paid out $46,000 in dividends during the year,prepare its statement of retained earnings.
GREEN THUMB, INC:
Income Statement
For the Year Ended December 31, 2011

$\begin{array}{lr}\text { Revenues }\\\text { Sales Revenue }&\$1,865,300\\\text { Total Revenues }&1,865,300\\\text { Expenses }\\\\\text { Wages Expense } & 724,800 \\\text { Advertising and Promotion Expenses } & 262,500 \\\text { Other Selling and Administrative Expenses } & 350,800 \\\text { Interest Expense } & 43,900 \\\text { Income Tax Expense } & 56,500 \\\text { Other Expenses } & 122.400 \\\text { Total Expenses } & 1,560 ,900 \\\\\text { Net Income }&\$?\end{array}$

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Definitions:

Tricyclics

A class of antidepressant drugs characterized by their three-ring chemical structure, used primarily to treat depression and certain other conditions.

Antidepressant Drugs

Medications designed to alleviate symptoms of depression by adjusting the levels of neurotransmitters in the brain.

Psychoactive Drugs

Substances that can alter the consciousness, mood, or thoughts of an individual.

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Something that is widely or globally accepted or agreed upon by all.