This information relates to Sheffield Corp. For the year 2017. Retained earnings, January 1, 2017 $88,440 Advertising expense 2,376 Dividends 7,920 Rent expense 13,728 Service revenue 76,560 Utilities expense 3,168 Salaries and wages expense 39,600

Net Income    $ 17688

Retained earnings, December  31, 2017             $ 98,208

Explanation:

Sheffield Corp.

Income Statement

For the year 2017

Service revenue                                         76,560  

Advertising expense 2,376

Rent expense 13,728

Utilities expense 3,168

Salaries and wages expense 39,600

Total Expenses                                          58,872

Net Income                                               $ 17688

To make an income statement the total expenses are deducted from total revenues.

Sheffield Corp.

For the year 2017

Statement Of Retained earnings

Retained earnings, January 1, 2017                   $88,440

Add Net Income                                                     17688  

Less Dividends                                                         7,920

Retained earnings, December  31, 2017             $ 98,208

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