Prepare an income statement and retained earnings/balancing statement from the following trial balance:

	Apollo Shoes, Inc
	Preclosing Trial Balance (Audited)
	31-Dec-10
Account ID	Account Description	Debit	Credit
10100	Cash on Hand	$1,987.28
10200	Regular Checking Account	$198,116.52
10300	Payroll Checking Account	$0.00
10400	Savings Account	$3,044,958.13
11000	Accounts Receivable	$16,410,902.71
11500	Allowance for Doubtful Accounts		$1,262,819.88
12000	Inventory - Spotlight	$18,825,205.24
12300	Reserve for Inventory Obsolescence		$3,012,000.00
14100	Prepaid Insurance	$743,314.38
14200	Prepaid Rent	$200,000.00
14300	Office Supplies	$7,406.82
14400	Notes Receivable-Current
14700	Other Current Assets
15000	Land	$117,000.00
15100	Buildings and Land Improvements	$623,905.92
15200	Machinery, Equipment, Office Furniture	$433,217.10
17000	Accum. Depreciation		$164,000.00
19000	Investments	$612,691.08
19900	Other Noncurrent Assets	$13,840.59
20000	Accounts Payable		$4,633,118.09
23100	Sales Tax Payable		$0.00
23200	Wages Payable		$29,470.32
23300	FICA Employee Withholding		$1,318.69
23350	Medicare Withholding		$583.99
23400	Federal Payroll Taxes Payable		$6,033.01
23500	FUTA Tax Payable
23600	State Payroll Taxes Payable		$2,815.47
23700	SUTA Tax Payable
23800	FICA Employer Withholding		$1,318.69
23900	Medicare Employer Withholding		$583.99
24100	Line of Credit		$10,000,000.00
24200	Current Portion Long-Term Debt
24700	Other Current Liabilities
27000	Notes Payable-Noncurrent
39003	Common Stock		$8,105,000.00
39004	Paid-in Capital		$7,743,000.00
39005	Retained Earnings		$1,899,120.65
40000	Sales		$246,172,918.44
41000	Sales Returns	$4,497,583.20
42000	Warranty Expense	$1,100,281.48
45000	Income from Investments		$0.00
46000	Interest Income		$204,302.81
50010	Cost of Goods Sold	$141,569,221.61
57500	Freight	$4,302,951.46
60000	Advertising Expense	$897,140.01
61000	Auto Expenses	$208,974.39
62000	Research and Development	$31,212,334.17
64000	Depreciation Expense	$133,000.00
64500	Warehouse Salaries	$4,633,383.82
65000	Property Tax Expense	$80,495.32
66000	Legal and Professional Expense	$3,605,133.96
67000	Bad Debt Expense	$1,622,425.99
68000	Insurance Expense	$853,942.65
70000	Maintenance Expense	$61,136.04
70100	Utilities	$135,642.99
70110	Phone	$76,373.78
70120	Postal	$128,033.21
71000	Miscellaneous Office Expense	$17,023.27
72000	Payroll Tax Exp	$1,550,989.06
73000	Pension/Profit-Sharing Plan Ex	$3,000,000.00
74000	Rent or Lease Expense	$2,603,485.87
77500	Administrative Wages Expense	$16,875,305.98
78000	Interest Expense	$875,000.00
78500	Income Tax Expense - Federal	$2,365,000.00
78510	Income Tax Expense - State	$429,000.00
80000	Loss on Legal Settlement	$19,172,000.00
		$283,238,404.03	$283,238,404.03