On December 31, 2017, the accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. At the beginning of the year, retained earning balance is $3,000.

Cash	$ 16,000
Accounts Receivable	6,000
Equipment	12,000
Accumulated Depreciation- Equipment (Credit Balance)	(6,000)
Accounts Payable	2,000
Long-term Note Payable	10,000
Other Assets	2,000
Common Stock	1,000
Sales	50,000
Cost of Goods sold	21,000
Selling expense	3,000
Administration Expense	6,000
Depreciation Expense (Office Equipment)	5,000
Dividends	$ 1,000

1. Generate the Multi-Step Income Statement below (10 points)

Monroe Entertainment Company
Income Statement
(Fill in the Date or Period)
Sales		$
Less:
Gross Profit
Less:
Net Income		$

Generate Retained Earnings Statement based upon the above information and net income you calculated. (10 points, 2 points each blank).

Monroe Entertainment Company

Retained Earnings Statement

31. 12. 2017

Retained Earnings at beginning of the year	$___3,000 __ ________
Net Income	_____________________
Less: Dividends	_____________________
Net Increase/(Decrease) in the year	______________________
Retained Earnings at end of the year	$_____________________

Please generate Balance Sheet as of December 31, 2017 (15 points).

Monroe Entertainment Company Balance Sheet
Dec 31, 2017
Assets			Liabilities
		$		$
			Total Liabilities	$
			Shareholders Equity
				$
			Total Shareholders Equity	$
Total Assets		$	Total Liabilities & Shareholders Equity	$