Heidi Fritz established Freedom Financial Services on March 1, 2012. Freedom financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transactions for March are shown below.1. Prepare an income statement for the month ended March 31,2012.2. Prepare a retained earnings statement for the month ended March 31, 2012.3. Prepare a balance sheet as of March 31, 2012.4. (Optional). Prepare a statement of cash flows for the month ending March 31,2012.

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Assets Linbilities + Stockholders Equity Auta AKCounts Accuunts Capital Spock Tees Earned Salarles Hent Supplies Experse Misca. Heceivable " Supplies Payable Expense Expense Expense Cash Diidends Expense +45,000 +45,000 2. +6,540 6, 540 -1,800 4,740 b. +6,540 6.540 Bal 45.000 45,000 -1,B0D C. Bal. 45,000 d. +84,000 8A C00 Bal. 127,200 6,540 4,740 84.000 45,000 -21,500 -22.500 e. Hal, 4,740 BACXX0 104,70 45,000 -22.500 f. -17,100 -3,600 -13,500 4,740 Dal. 8700 6540 45,000 84.000 -22.500 -13.500 -3500 -48,000 9. Bal. 4,740 -22 S00 39,600 6540 45,000 84,C00 -48,000 -13,500 -1,600 4 S00 4 S00 h. -4,500 2040 Bal. 39,600 4,740 45,000 B4000 -48,000 -22.500 -13,S00 -3,600 +34500 +34,500 tal. 34,500 4,740 45,000 118,500 -2200 -13,500 -3d00 2040 -41,000 4,S00 -13,00 -15 D00 Bel. 45,000 43,00 -4,SCIO 24,500 34,500 2040 4,740 -15,000 11500 -72.500 -13,500 -3,600