Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 2015 $2,571,475 Retained earnings, January 1 $2,179,925 Add net income for year 552,000 446,500 $3,123,475 $2,626,425 Tota Deduct dividends on preferred stock $7,700 $7,700 47.250 47.250 On common stock $54,950 $54,950 Tota $3,068,525 $2,571,475 Retained earnings, December 31 Blige Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 $3,512,720 $3,231,700 Sales 11 360 17,480 Sales returns and allowances $3,495,240 $3,220,340 Sales 1,185,520 Cost of goods sold 1,090,680 Gross profit $2,309,720 $2,129,660 Selling expenses $965,640 $806,430 Administrative expenses 686,960 567,120 Total operating expenses 1,493,390 1,532,760 Income from operations $816,330 $596,900 38,100 Other income 42,970