For the Year Ended December 31, 2021 Income Statement Revenue Net Sales $628,500.00 Cost of Goods sold 200,115.00 Gross Profit 428,385 Expenses Advertising Expense $4,575.00 Amortization Expense 9,500.00 Rent Expense 30,000.00 Supplies Expense 1,200.00 Utilities Expense 4,500.00 Vehicles Repair Expense 1,770.00 Wages Expense 325,000.00 Total Expenses 376,545.00 Net Income $51,840.00 Statement Of Retained Earnings Retained Earnings, January 1st: $36,500.00 Add: Net Income 51,840 Subtotal 88,340 Less: Cash Dividends - Common 34,000 Cash Dividends - Preferred 10,000 and 44,000 Retained Earnings, December 31st: 44,340