Please need it to explained and detailed thank you

Financial Statements (40 Points)

On December 31, 2016, 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 $4,000.

Note Payable due 10/31/2018	$ 10,000
Accounts Receivable	6,000
Accumulated Depreciation- Equipment (Credit balance)	6,000
Dividends	1,000
Cash	16,000
Depreciation Expense	5,000
Equipment	12,000
Fees Earned	50,000
Rent Expense	6,000
Supplies	2,000
Supplies Expense	3,000
Wages Expense	21,000
Wages Payable	2,000

Q1. Generate the Income statement (10 points)

Monroe Entertainment Company

Income Statement

For the Year Ended December 31, 2016

Revenues:

S

Total Revenue

Expenses:

Total Expenses:

Net Income

Please generate Retained Earnings Statement based upon the above information and net income you calculated.

Monroe Entertainment Company

Retained Earnings Statement

For the Year Ended Dec 31, 2016

Retained Earnings at beginning of the year	$___4,000 __________
Net Income	_____________________
Less: Dividends	_____________________
Net Increase/(Decrease) in the end	______________________
Retained Earnings at end of the year	$_____________________

3.Please generate Balance Sheet as of December 31, 2016 (20 points).

Monroe Entertainment Company Balance Sheet
Dec 31, 2016
Assets			Liabilities
		$			$
Total Assets		$	Total Liabilities and Shareholders Equity		$