retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included
Please see the picture below. I need help making a
Big John's Merch
Income statement
For the month ending February 28, 2022
Sales - $50,000
Costs of goods sold- $12,500
Operating expenses
Salaries- $2,500
Rent- $800
Advertising- $500
Depreciation- $300
Utilities- $75
Revenues and Expenses
Internet revenues- $2,000
Internet expense- $150
Insurance expense- $400
Other revenues- $3,500
Note: Preparation of balance sheet requires the trial balance or previous year balances and their adjustments. It cannot be prepared from a mere income statement. Therefore, I have attempted the remaining questions.
Big John's Merchandise company
Statement of retained earnings
for the year ended March 31, 2022
| Particulars | Amount($) |
| Retained earnings at 1st April, 2021 | - |
| Add: Net income for the year 2021-2022 | 38275 |
| Less: Dividends to shareholders | - |
| Retained earnings at | 38275 |
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