retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included
Please see the picture below. I need help making a retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included. Note that I have included the Income statement below. Note that I have included all the information that was made available to me. I need this asap.
Big John's Merch
Income statement
For the month ending February 28, 2022
Sales - $50,000
Costs of goods sold- $12,500
Operating expenses
Salaries- $2,500
Rent- $800
Advertising- $500
Depreciation- $300
Utilities- $75
Revenues and Expenses
Internet revenues- $2,000
Internet expense- $150
Insurance expense- $400
Other revenues- $3,500
![Big John's Merchandising Company
Income Statement
For the Month Ending February 28,2022
Particular
Debit ($)
Credit ($)
Sales Revenue
50,000
Less: Cost of Goods Sold
(12,500)
Gross Margin
37,500
Less: Operating Expenses
Salaries and Wages Expense
2,500
Rent Expense
800
500
Advertising Expense
300
Depreciation
75
Utilities
4,175
Total Operating Expense
33,325
Operating Income
Add: Other Revenue and Expenses
2,000
Internet Revenue
(150)
Internet Expenses
(400)
Insurance Expenses
3,500
4,950
Other Revenue
Total of Other Revenue and Expenses
38,275
Net Income Before Taxes
(0)
Less: Tax Expenses
38,275
Net Income
Row](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ed1be48-7da0-4374-897d-409d80e10f7e%2Fbea80536-a942-4dd7-8625-8681eeaf5588%2Fopd1tgb_processed.jpeg&w=3840&q=75)
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Note: Preparation of balance sheet requires the trial balance or previous year balances and their adjustments. It cannot be prepared from a mere income statement. Therefore, I have attempted the remaining questions.
Big John's Merchandise company
Statement of retained earnings
for the year ended March 31, 2022
Particulars | Amount($) |
Retained earnings at 1st April, 2021 | - |
Add: Net income for the year 2021-2022 | 38275 |
Less: Dividends to shareholders | - |
Retained earnings at | 38275 |
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