225 a. Prepare an income statement and statement of retained earnings for the year ended December 31 , current year. Also prepare the company's balance sheet dated December 31 , current year. b. Does the company appear to be liquid? Defend your answer. c. Has the company been profitable in the past? Explain. Wilderness Guide Services, Inc., performs adjusting entries every month, but closes its accounts only at LO5-1, LO5-2, LO5-6 EXERCISE 5.2 Financial Statement Preparation Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at yearend. The following is the company's year-end adjusted trial balance dated December 31 , current year. *Supplemental Topic, The Worksheet