Create income statement and balance sheet using the information below in the Excel template (Tab Q3, Excel part: 10 points). Based on your calculation, what is the retained earnings?

Inventory 6,500

SG&A 800

Cash 20,000

Common Stock 150,000

Notes Payable 1,200

Operating Expenses 1,300

Interest Expense 900

Net Sales 14,000

Depreciation Expense 850

Accounts Receivable 9,000

Accounts Payable 6,000

Cost of Goods Sold 5,000

Net PP&E 155,000

Taxes 1,300

Retained Earnings ?