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Required information As of December 31, 2019, Armani Companys financial records show the following items and amounts. $11,50

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Answer #1
ARMANI COMPANY
Statement of Retained Earnings
For Year ended December 31, 2019
$
Retained earnings, Dec.31, 2018      4,500.00
Add: Net income     16,500.00
    21,000.00
Less: Dividends     14,500.00
Retained earnings, Dec.31, 2019     6,500.00
Explanation
ARMANI COMPANY
Income Statement
For Year ended December 31, 2019
$ $
Revenues:
Consulting revenue     36,000.00
Rental Revenue     25,000.00
Total Revenues 61,000.00
Expenses:
Rent expense     13,500.00
Salaries expense     21,500.00
Selling & Administrative Expenses      9,500.00
Total expenses 44,500.00
Net income 16,500.00
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