The following items and amounts were taken from Sheffield Corp.’s 2017 income statement and balance sheet. Cash $ 87,800 Retained earnings 120,500 Cost of goods sold 439,300 Salaries and wages expense 116,900 Prepaid insurance 7,800 Inventory 64,500 Accounts receivable 89,400 Sales revenue 589,700 Notes payable 6,100 Accounts payable 53,600 Service revenue 4,800 Interest expense 1,890
Prepare an income statement for Sheffield Corp. for the year ended December 31, 2017.