J & L Accounting, Inc. Income Statement For the Month Ending December 31, 2017 Revenues Service Revenue $10,275.00 Expenses Advertising Expense $2,300.00 Rent Expense 1,000.00 Office Supplies Expeses 300.00 Telephone Expense 750.00 Utilities Expense 3,200.00 Total Expenses 8,650.00 Net Income $1,625.00J & L Accounting, Inc. Statement of Retained Earnings For the Month Ending December 31, 2017 Retained Earnings December 1, 2017 $19,875.00 Add: Net Income 1,625.00 Subtotal 21,500.00 Less: Dividends 0.00 Retained Earnings, December 31, 2017 $21,500.00