exercise 5.2

LO5-1,LO5-2,LO5-6 EXERCISE 5.2 Financial Statement Proparation Green Lawns, Inc:, performs adjusting entries every month, but closes its accounts anly it year-end. Tbe following is the compsny's year-end adjusted trial balance dated December 31 , current year, a. Prepare an income statement and statement of retained earnings for the year ended December 31, current year. Also prepare the company's balince 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