Namnc 4100 Principles of Accounting Project/ Final ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare (a) an Income Statement and (b) Statement of Retained Earnings, and (c) a Balance Sheet for All Star Repairs; 2) Prepare the closing entries for All Star Repairs as well. All Star Repairs Adjusted Trial Balance July 31 Debit Credit Cash 520,200 Accounts receivable 170,600 Supplies 12,500 Shop equipment 126,600 Accumulated depreciation: shop equipment 189,600 Accounts payable 18,000 Notes payable 3,700 Income taxes payable 26,700 Capital stock 22,200 Retained earnings 5.900 Dividends 16,700 Fees eamed 127,400 19,000 Wages expense 35,600 Supplies expense 12.900 Utilities expense 2.100 Depreciation expense: shop equipment 1600 Income taxes expense 26.700 $213.500 $213.500 Rent expense