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Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company's year- end adjusted trial balance dated December 31, 2011, was: TUTORS FOR RENT, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash $ 91 100 Accounts receivable 4.500 Supplies 300 Equipment 12000 Accumulated depreciation: equipment 5 5.000 Accounts payable 1.500 ncome taxes payable 3,500 Capital stock 25.000 Retained earnings 45,000 Dividends 2.000 Tutoring revenue earned 96.000 Salary expense 52 000 Supply expense 1,200 Advertising expense 300 Depreciation expense: equipment 1 000 ncome taxes expense 11,600 5176.000 $176,000 a. Prepare an income statement and statement of retained earnings for the year ended December 31. 2011. Also prepare the company's balance sheet dated December 31, 2011. b. Does the company appear to be liquid? Defend your answer. c. Has the company been profitable in the past? Explain