Calculate the net income for Green Thumb Company. Then, assuming the company had retained earnings of $$162,000$ as of January $1,2020,$ and paid out $$46,000$ in dividends during the year, prepare its Statement of Retained Earnings.

 

 

GREEN THUMB COMPANY

Income Statement

For the Year Ended December $31,2020$

Revenues

Sales Revenue $$1,865,300$

Total Revenues $1,865,300$

Expenses

Wages Expense $724,800$

Advertising and Promotion Expenses $262,500$

Other Selling and Administrative Expenses $350,800$

Interest Expense $43,900$

Income Tax Expense $56,500$

Other Expenses $122,400$

Total Expenses $1,560,900$

Net Income $$?$