The following items and amounts were taken from Ricardo Inc.’s 2017 income statement and balance sheet.(LO 3)

Cash $ 84,700 Inventory $ 64,618 Retained earnings 123,192 Accounts receivable 88,419 Cost of goods sold 483,854 Sales revenue 693,485 Salaries and wages expense 125,000 Income taxes payable 6,499 Prepaid insurance 7,818 Accounts payable 49,384 Interest expense 994 Service revenue 8,998 INSTRUCTIONS Prepare an income statement for Ricardo Inc. for the year ended December 31, 2017.