Hi, I'm a beginning accounting student and need a little help with the steps of this problem. It's asking me to calculate the net income and to make a retained earnings statement.  

Retained earnings, January 1   $153,400 Service revenue   472,000 Total expenses   206,500 Dividends   76,700

 

Statement of Income and Retained Earnings
For the Years Ended December 31
2012 2011
Revenues
Sales (net) $230,000 $210,000
Other revenues 8,000 5,000
Total revenues 238,000 215,000
Expenses 120,000 103,000
Selling, general, and administrative expenses 55,000 50,000
Interest expense 8,000 7,200
Income tax expense 23,000 22,000
Total expenses 206,000 182,200
Net earnings (net income) 32,000 32,800
Retained earnings, January 1 108,000 83,000
Less: Preferred stock dividends 2,800 2,800
Common stock dividends 5,000 5,000
Retained earnings, December 31 $132,000 $108,000

Use the financial statements for Bernard Company from problem 9-22to calculate the4 following for 2012 amd 2011.
a. Accounts receivable turnover (beginning receivables at January1, 2011, were $47,000)
b Average number of days to sell inventory,

c. Times interest earned

d. Plant assets to long-term debt

e. Asset turnover

f. Quick ratio

g. Earnings per share

h. Book value per share of common stock

i. Divided yield on common stock

On December 31, 2016, the accounts inthe ledger of Monroe Entertainment Co. are listed below. Allaccounts have normal balances. At the beginning of the year,retained earning balance is $4,000.

Q1. Generate the Income statement

Please generate Retained Earnings Statement based uponthe above information and net income youcalculated.

Monroe Entertainment Company

Retained Earnings Statement

For the Year Ended Dec 31, 2016

Please generate Balance Sheet as of December 31, 2016.