A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below A

Question

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below Advertising and Promotion Expenses Income Tax Expense Interest Expense Other Expenses Other Selling and Administrative Expenses Sales Revenue Salaries and Wages Expense $ 263,600 56,610 44,010 123,500 351,900 1,870,800 725,900 Required: a. Calculate the net income for the Green Thumb, Inc. for Year 3 Net Income b. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $163,100 as of January 1, Year 3, and paid out $46,110 in dividends during Year 3. GREEN THUMB, INC Statement of Retained Earnings For the Year Ended December 31, Year 3 Retained Earnings, January 1, Year 3 Retained Earnings, December 31, Year 3

Explanation / Answer

a) Calculate net income :

Net income = $305280

b) Statement of retained earnings :

Retained earnings, January 1, Year 3 163100 Add: Net income 305280 Less: Dividend -46110 Retained earnings, December 31, Year 3 422270

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