Prepare an income statement and retained earnings/balancing statement from the following trial balance:

	Apollo Shoes, Inc
	Preclosing Trial Balance
	31-Dec-11
Account ID	Account Description	Debit Amt	Credit Amt
10100	Cash on Hand	$2,275.23
10200	Regular Checking Account	$532,125.92
10300	Payroll Checking Account
10400	Savings Account	$3,670,599.15
11000	Accounts Receivable	$49,780,259.98
11400	Other Receivables	$1,000,000.00
11500	Allowance for Doubtful Accounts		$1,254,009.75
12000	Inventory	$67,424,527.50
12300	Reserve for Inventory Obsolescence		$867,000.00
14100	Prepaid Insurance	$3,374,213.78
14200	Prepaid Rent
14300	Office Supplies	$8,540.00
14400	Notes Receivable-Current
14700	Other Current Assets
15000	Land	$117,000.00
15100	Buildings and Land Improvements	$674,313.92
15200	Machinery, Equipment, Office Furniture	$2,929,097.13
17000	Accum. Depreciation		$610,000.00
19000	Investments	$2,038,780.39
19900	Other Noncurrent Assets	$13,840.59
20000	Accounts Payable		$1,922,095.91
23100	Sales Tax Payable
23200	Wages Payable
23300	FICA Employee Withholding		$8,439.65
23350	Medicare Withholding		$11,414.99
23400	Federal Payroll Taxes Payable		$118,086.12
23500	FUTA Tax Payable
23600	State Payroll Taxes Payable		$55,106.86
23700	SUTA Tax Payable
23800	FICA Employer Withholding		$8,439.65
23900	Medicare Employer Withholding		$11,414.99
24100	Line of Credit		$44,053,000.00
24200	Current Portion Long-Term Debt
24700	Other Current Liabilities
27000	Notes Payable-Noncurrent		$10,000,000.00
39003	Common Stock		$8,105,000.00
39004	Paid-in Capital		$7,743,000.00
39005	Retained Earnings		$6,270,483.64
40000	Sales - Spotlight		$245,213,452.88
41000	Sales Returns	$13,600,220.89
42000	Warranty Expense	$1,158,128.47
45000	Income from Investments		$1,426,089.31
46000	Interest Income		$131,881.46
47000	Miscellaneous Income		$2,145,000.00
50010	Cost of Goods Sold	$130,246,645.26
57500	Freight	$4,236,263.09
60000	Advertising Expense	$986,854.01
61000	Auto Expenses	$214,502.80
62000	Research and Development	$543,870.44
64000	Depreciation Expense	$446,000.00
64500	Warehouse Salaries	$4,720,715.56
65000	Property Tax Expense	$84,332.45
66000	Legal and Professional Expense	$4,902,224.45
67000	Bad Debt Expense
68000	Insurance Expense	$36,106.92
70000	Maintenance Expense	$49,502.87
70100	Utilities	$137,332.18
70110	Phone	$52,599.02
70120	Postal	$77,803.61
71000	Miscellaneous Office Expense	$24,891.82
72000	Payroll Tax Exp	$1,577,811.85
73000	Pension/Profit-Sharing Plan Ex	$3,300,000.00
74000	Rent or Lease Expense	$1,203,574.00
77500	Administrative Wages Expense	$16,197,225.43
78000	Interest Expense	$2,591,736.50
78500	Income Tax Expense - Federal	$10,000,000.00
78510	Income Tax Expense - State	$2,000,000.00
		$329,953,915.21	$329,953,915.21